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  • $5 Million to Cover For Steve Jobs



    It's been revealed just how large of a bonus Apple COO Timothy D Cook received while filling in for Steve Jobs as acting Apple chief during Job's medical leave last year. According to published reports, a cash bonus totaling $5 million was bestowed upon Cook for what Apple executives recognized as an "outstanding performance" in Jobs' absence.

    According to a statement from Apple:

    A one-time discretionary bonus of 5,000,000 and 75,000 restricted stock units in recognition of his outstanding performance in assuming the day-to-day operations of the company for the period in fiscal 2009 during which Jobs was on medical leave of absence.
    Nice work if you can get it, huh?

    Widely believed to be a potential replacement for Steve Jobs one day in the future (should Jobs leave or be sidelined for medical purposes again) Timothy Cook is a well-liked man in Cupertino who is said to command a great deal of respect and admiration from his colleagues. Last year's fill-in duty by Cook was not the first time Apple's COO covered for the CEO. Six years ago Cook similarly took the big boy's chair as acting CEO for a month while Jobs underwent surgery to remove a malignant pancreas tumor.

    Nonetheless, the bonus from Apple represents an enormous bump-up in compensation for Cook, who, in 2009, received an $800,400 salary with another $800,000 in "nonstock incentive compensation." That package came along with a small company match to his retirement account as well as life insurance premiums and "cash for unused vacation days."

    Image via AP
    This article was originally published in forum thread: $5 Million to Cover For Steve Jobs started by Michael Essany View original post