Apple designs and creates iPod and iTunes, Mac laptop and desktop computers, the OS X operating system, and the revolutionary iPhone and iPad.
Apple CEO’s Pay Package Totals $378 Million
Steve Jobs may soon start rolling if the speculation stands up surrounding the $378 million Apple’s CEO Tim Cook is rumored to make or about to make.
The reason many are speculating that Cook might have made or is about to make $378 million from his pay package is surrounds certain restricted stock units that he was granted as part of his ‘golden hello’ pay deal. But much of that $378 is locked in until at least 2021—the year that has been set as the minimum threshold for Cook to stay at Apple.
A recent report by CNN Fortune put it like this: “On paper, the shares were worth more than $376 million when the grant was made. But in 2011, they were worthless. Half of them will vest in 2016, five years after they were granted. The other half will vest in 2021 — “subject to Mr. Cook’s continued employment with the Company. The RSU award is intended as a long-term retention incentive for Mr. Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011.”
That take by CNN Fortune perhaps will placate speculators for a while, unless Apple springs something new about the deal.
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