Tim Cook Awarded $378 Million Pay Package in 2011
Paydays vary from peanut-filled-cavity-crushing chocolate bars to loads of cash and stock options large enough to weigh down John Corzine’s conscience. Tim Cook's 2011 pay package falls in the latter.
Apple awarded new Apple CEO Tim Cook an insane pay package worth $378 million dollars. The pay package is composed of 1 million restricted stock units awarded to Cook by Apple worth $376 million, his salary of $900,000 and performance bonuses of another $900,000. This is of course more than Steve Job’s famous salary of $1 a year, which was offset by roughly 5.5 million Apple shares.
The stock Apple awarded Cook is the largest single payout given by a company in a decade according to Aaron Boyd, head of research at Equilar, an executive compensation data firm. By comparison 2010’s best paid CEO was Viacom head Philippe Dauman who raked in $84.5 million in new shares and stock options via a new contract. Cook’s payday outdoes that pittance by a factor of four.
As an incentive for Cook to stick around just a bit he will receive half of his shares in 2016 with the other half coming in 2021. It looks like Apple’s CEO will be around for a few years yet.