Apple’s new CEO Tim Cook got more than just a job at the biggest tech company in the world when he signed on with Apple. He also got 1,000,000 shares of Apple stock, a bonus worth $383 million at current prices.
The news comes from an 8-K filing with the SEC that details the terms of Cook signing on as CEO.
The stock vests in two five-year increments – 2016 and 2021. Assuming Apple stock prices grow at the same rate it has been, that could make Cook a very wealthy man. Looks like Apple’s Board of Directors is very serious about making sure Tim stays in charge of Apple for a long time.
Sounds like Tim’s bonus package was …the next big thing.
And he will very likely earn every dollar of it. Cheers, Mr. Cook.
“Assuming Apple stock prices grow at the same rate it has been, that could make Cook a very wealthy man.”
Last time I checked, he’s cashed in about $100 million of stock options from being COO so he’s already extremely wealthy. But I guess an extra $380 million couldn’t hurt.
If he can keep the company successful for the next 10 years, pay the man.