Tim Cook Pay Package – When Steve Jobs became to ill to run Apple last year the title of CEO was handed over to Tim Cook in which he received a nice pay package for. Does it seem too big? It is making him the highest paid CEO for 2011 in the US.
The AP has received information through securities filings showing the deal for Cook, in where he received a million stock shares worth $376 million in where half of those will be vested in 2016 and the other half in 2021. The stocks have the potential to be worth much more by then.
Along with the 1 million shares, he received a salary of about $900,000, where Jobs himself only accepted a $1 annual salary. Cook in addition received another $900,000 performance bonus.
Though Jobs only took a single dollar for his salary, he did own five and half million shares in Apple worth 2.3 billion dollars. In addition to the shares that Cook had already owned the total net worth of all his shares combined comes to 580 million dollars.
The nine highest paid CEO’s of 2010 in comparison received packages totaling $356 million, combined.
Cook, who previously worked at IBM and Compaq, was hired by Steve Jobs in 1998 and was promoted to COO of Apple in 2007.
While Jobs took medical leaves in 2004 and 2009, Cook was acting CEO.