The new Apple
Inc's Chief Executive Tim Cook, who took the baton from the legendary Steve Jobs as head of the global technology giant Apple Inc., has received about USD
380 million (about Rs 2,000 crore) as his compensation package for 2011. It was likely to be among the most lucrative and
expensive compensations awarded to a chief executive officer.
Apple disclosed that Cook’s pay package for 2011 was worth a whooping $378 Million, a large portion of this revenue came from an one-time stock award worth $ 376 Million, while his salary and compensation bonus made up the rest of it, which was worth a mere $ 900,000 each. Apple’s Board of Directors granted Cook One Million Restricted Stock Units (RSUs) as a “promotion and retention award”. Apple recently announced that 50 per cent of the stock award is scheduled to vest in 2015 and the other 50 per cent in 2021, subject to Cook's continued employment with the company.
"In light of Cook's experience with the company, including his leadership during Jobs’ prior leaves of absence, the Board views his retention as CEO as critical to the company's success and smooth leadership transition,” Apple said. Eventually Steve Jobs took three medical leave before signing off from the post of CEO of Apple Inc, and each and every occasion Cook manage the damage quite beautifully, so Apple is rewarding him like this way. It looks like Tim Cook is the ideal replacement for the great Steve Jobs.
After the death of the great Jobs, most of the people expressed their worries on the future of Apple Inc., but they manage to recover themselves from this crisis period, Tim Cook handle the period quite nicely. “The RSU award is intended as a long-term retention incentive for Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011,” the statement added. Eventually Jobs received annual salary of just one dollar during the past three years.
Apple disclosed that Cook’s pay package for 2011 was worth a whooping $378 Million, a large portion of this revenue came from an one-time stock award worth $ 376 Million, while his salary and compensation bonus made up the rest of it, which was worth a mere $ 900,000 each. Apple’s Board of Directors granted Cook One Million Restricted Stock Units (RSUs) as a “promotion and retention award”. Apple recently announced that 50 per cent of the stock award is scheduled to vest in 2015 and the other 50 per cent in 2021, subject to Cook's continued employment with the company.
"In light of Cook's experience with the company, including his leadership during Jobs’ prior leaves of absence, the Board views his retention as CEO as critical to the company's success and smooth leadership transition,” Apple said. Eventually Steve Jobs took three medical leave before signing off from the post of CEO of Apple Inc, and each and every occasion Cook manage the damage quite beautifully, so Apple is rewarding him like this way. It looks like Tim Cook is the ideal replacement for the great Steve Jobs.
After the death of the great Jobs, most of the people expressed their worries on the future of Apple Inc., but they manage to recover themselves from this crisis period, Tim Cook handle the period quite nicely. “The RSU award is intended as a long-term retention incentive for Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011,” the statement added. Eventually Jobs received annual salary of just one dollar during the past three years.
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