Tim Cook Receives Bonus of $5 Million and Stock for Performance During Jobs' Absence
Apple today filed a Form 8-K submission with the U.S. Securities and Exchange Commission disclosing a bonus of $5 million and 75,000 shares of Apple stock paid to Chief Operating Officer Tim Cook in recognition of his performance during Steve Jobs' leave of absence for a liver transplant during the first half of 2009.
On March 10, 2010, the Compensation Committee of the Board of Directors of Apple Inc. (the "Company") unanimously approved a recommendation by Steve Jobs, the Company's CEO, to award Timothy D. Cook, the Company's Chief Operating Officer, 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 Mr. Jobs was on medical leave of absence.
Fifty percent of the restricted stock units are scheduled to vest on each of March 10, 2011 and March 10, 2012, subject to Mr. Cook's continued employment with the Company through that date.
Cook has been widely praised for his guidance of Apple during Jobs' absence, steering the company through several product releases and continued research and development while maintaining substantial earnings growth. He has been seen as one of a number of top executives at Apple who have entirely bought into the company's philosophy and carry tremendous talent but have been overshadowed by the prominence of Jobs. Cook has continued to remain a public face for Apple since Jobs' return in June of last year, and is seen by many as potential successor to Jobs' CEO position.
As previously rumored, the next-generation iPhone 15 Pro and iPhone 15 Pro Max will feature a unified volume button and a mute button, according to leaked CAD images shared in a video on the Chinese version of TikTok and posted to Twitter by ShrimpApplePro.
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The iOS 16.4 update that is set to be released to the public in the near future includes voice isolation for cellular calls, according to notes that Apple shared today.
Apple says that Voice Isolation will prioritize your voice and block out the ambient noise around you, making for clearer phone calls where you can better hear the person you're chatting with and vice versa.
A first-generation iPhone still sealed inside its box sold for $54,904 at auction, which is more than $54,000 over the original $599 price tag of the device when it was released in 2007.
The original iPhone was put up for sale by RR Auction on behalf of a former Apple employee who purchased it back when it first came out. Back in February, an original, sealed iPhone sold for over $63,000,...
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Apple today seeded the release candidate versions of upcoming iOS 16.4 and iPadOS 16.4 updates to developers for testing purposes, with the software coming a week after the launch of the fourth betas. The RCs mark the final version of the software that will be provided to the public in the near future. Registered developers are able to download the iOS 16.4 and iPadOS 16.4 updates...
Google today began allowing users to sign up to use Bard, its AI-powered chatbot that rivals Microsoft's Bing chatbot. First announced back in February, Bard is an experimental conversational AI service for Google Search.
Those interested in Bard can join Google's waitlist to get access, and some users have reported getting invitation emails just hours after signing up. There are a long list ...
Samsung today kicked off a special "Discover Samsung" event, which will be a week-long savings event focusing on Samsung monitors, smartphones, TVs, appliances, and more. While some deals will stick around the entire week (through March 26), others will refresh every day.
Note: MacRumors is an affiliate partner with Samsung. When you click a link and make a purchase, we may receive a small...
Top Rated Comments
You mean the entire Premium market, amid record-breaking Mac sales, quarter after quarter?
That's quite a "niche."
Mac sales have been rising every single quarter for years now.
Have you just woken up from a 10 year nap? I don't think they need to change their game-plan too much.