Tim Cook Awarded $378 Million Pay Package in 2011

[Phillip Swanson]

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.

Source: BBC

[andrewe13]

wait if 1 million shares = 377mil $.. then steve jobs 5.5 million shares =2.73 billion$?

[hogcia]

Poor Steve Jobs, after all his hard work! Must be rolling over in his grave. Who the heck needs this much money!? Something is wrong with our financial system. Most Americans can't even pay there mortgage.

[Jbrooks424]

Poor Steve Jobs, after all his hard work! Must be rolling over in his grave. Who the heck needs this much money!? Something is wrong with our financial system. Most Americans can't even pay there mortgage.

stfu, he's rich, let him be rich... f-in cry baby

[UnidH4x0r]

stfu, he's rich, let him be rich... f-in cry baby

Are you kidding me? His money is coming out of our pockets. With that much money, maybe they could have designed something better then a 4S instead of repackaging the same thing with slight changes.

[Zokunei]

Are you kidding me? His money is coming out of our pockets. With that much money, maybe they could have designed something better then a 4S instead of repackaging the same thing with slight changes.

To be fair it's anyone's choice if they want to give money to Apple or not, it's not like it's taxes.

[TorLegend]

stfu, he's rich, let him be rich... f-in cry baby

Don't be such a tool. You have probably never lived from day to day. He didn't say anything about how he shouldn't have that money, he said something that follows along the lines of, "That is crazy that one person can make so much money when there is some people who can't even pay their bills." I figured I'd reword it so you could understand it. I'm not saying I live day to day, but others do, you might, but doesn't mean you need to be a stuck up *****.

[blinden76]

Rediculous amount of money.

[maddawg05]

Tesr

[broncosi]

why does any individual need this much money?

[andygev35]

why does any individual need this much money?

<br><br>Who said anything about needing that much? Do you need that much? Probably not... Would you honestly take that much if it were offered to you? I have no doubt you would.

[starkall]

What a joke, why would anyone need this much money! I sure hope he does something good with it.

[iamutman]

why does any individual need this much money?

He got $1.8 million in cash. He received the other $376.2 in stock. It's not like he's going to sell stock in his company anytime soon; that would reflect poorly on a CEO. Sure his income is in the top 0.1% of taxpayers (from the cash alone), but he's also the CEO of the most valuable company in the world.

Granted yes the fair market value of his compensation is enormous, but performance based compensation is a large factor in CEO compensation because it serves the shareholders as well. It's also primarily a result of an American tax law that limits the deductibility of any executive compensation to the first $1M (excluding any performance based compensation, which is probably why the 2nd $900K was labeled as such). The fact that he is getting a large number of shares of the company with the highest market capitalization shouldn't surprise anyone.

[apple_hacker]

He has to stay to year 2021 to receive it all.

[apple_hacker]

Are you kidding me? His money is coming out of our pockets. With that much money, maybe they could have designed something better then a 4S instead of repackaging the same thing with slight changes.

<br>The 4S is total redesign inside & camera!<br>

[trevorrawson]

<br>The 4S is total redesign inside & camera!<br>

Thank you! I'm so tired of people saying the 4S isn't anything new. Guaranteed if they put a different back on it that guy would be shouting from the roof tops...

[Sanady361]

<br>The 4S is total redesign inside & camera!<br>

Lol, total redesign that looks exactly the same.. Go figure.. Hahahaha

[apple_hacker]

Lol, total redesign that looks exactly the same.. Go figure.. Hahahaha

It looks the same but it's not! Mine also 64 gig which is new. Different ant same look same ram but all new inside.

[Donnutt]

Lol, total redesign that looks exactly the same.. Go figure.. Hahahaha

3GS=Redesign that looked just like its predecessor. That you would expect anything different says how moronic the consumer market can be. Btw, 1.8 million a year based in performance isn't a huge amount of money. And many, many people I know who "can't pay their bills" have iPhones and Droids. Maybe a problem there...

[AUZambo]

I love it when working class people hate on rich people. If you don't like rich people then move to Cuba. If you're going to participate in a capitalistic society (assuming y'all live in America) then just accept the fact that there will be filthy rich people and applaud their success.