tim-cook2

Apple CEO Tim Cook Received Stock Award Worth $376 Million

Posted in Apple, News on 10/01/2012 by Chris Hauk

0

Apple CEO Tim Cook received a one time stock award valued at nearly $400 million, the largest given by a company in a decade. The award was to signal confidence in Cook after Steve Jobs turned over direction of Apple to Cook.

Reuters reports:

The stock award, half of which vests in 2016 and the remaining half in 2021, was worth more than $376 million, based on the closing price of Apple’s shares on August 24, 2011, the company said in a Monday proxy filing.

“As far as a singular award, we haven’t seen anything this large in a long time,” said Aaron Boyd, head of research at Equilar, an executive compensation data firm.

The only one-time stock award in recent memory that was worth more? According to Boyd, it was the January 2000 stock option package that Apple gave Steve Jobs. The options in that award were valued at more than $600 million at the time.

Apple said Cook’s award was a retention and promotion tool, in addition to recognition for running the company while Jobs was on previous medical leaves of absence.

“The Board views his retention as CEO as critical to the Company’s success and smooth leadership transition. The RSU award is intended as a long-term retention incentive,” Apple said in its statement.



Author

Chris Hauk

MacTrast Senior Editor, and self-described "magnificent bastard," Chris Hauk owns Phoenix Rising Services and writes for everyone's favorite "bad movie" website, Big Bad Drive-In.

His first Apple product was an iPod Classic 5 years ago, and he has since added a MacBook Pro, iPad, iPhone, and 2 Apple TVs to his collection.

He lives somewhere in the deep Southern part of America. Yes, he has to pump in both sunshine, and the Internet.

Don't forget to check out Chris' two latest endeavors, as the "Apple Expert" at Answers.com, and his own personal tech blog at chrishauk.com