Previewed at WWDC, launching in the fall.
Apple Awards Tim Cook 1,000,000 Shares of Stock as CEO Bonus to Stay Until 2021
Apple filed a form 8-K with the SEC because of the changes in corporate leadership at the company. An 8-K is the “current report” companies must file with the SEC to announce major events that shareholders should know about.
In this case, the form notifies investors of the resignation of Steve Jobs as CEO; Jobs' appointment as Chairman of the Board; COO Tim Cook's promotion to CEO; and the appointment of Cook to the Board.
Additionally:
In connection with Mr. Cook's appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units. Fifty percent of the restricted stock units are scheduled to vest on each of August 24, 2016 and August 24, 2021, subject to Mr. Cook's continued employment with Apple through each such date.This stock award is worth just over $383 million at current prices.
A restricted stock unit, or RSU, is a form of compensation valued in terms of company stock, but the stock is not issued at the time of the grant. In Cook's case, he's getting a promise from Apple to deliver him 500,000 shares of Apple stock in 2016, and 500,000 more shares in 2021 — as long as he stays employed at the company.
In 2010, as COO, Tim Cook received $58 million in salary, bonus and other stock awards.
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91 months ago
I wonder if he plans to take Steve's $1 salary?
Somehow I don't think he will.
Somehow I don't think he will.
91 months ago
Restricted Stock Units (RSUs) that vest and are only paid after a period of time ensure that the person is highly motivated to stay. They want Tim Cook to stick around and ensure the continued success of the company. After that, he is likely to sell only portions and even then, as CEO, he has only a few short windows of opportunity when he can sell stock and he must provide notice well in advance since he is subject to insider trading rules.
91 months ago
Their shares are worth about 383 bucks, is it just me or is 1,000,000 x 383 not 383 odd million?
edit: I see it's fixed now :)
edit: I see it's fixed now :)
91 months ago
Tim doesn't seem like he has the same edginess that Steve has. I'm not all that excited with him as CEO.
91 months ago
Agreed. I make 4x that and hardly work at all. $400K is not a lot of dough.
Where the f are you from that 400k isn't a lot of dough? :eek:
If I had 100k a year job right now I would have everything I could ever want and have a retirement setup in about 10 years.
91 months ago
Cook deserves every penny of this bonus.
He's done more behind the scenes, than many are aware of. Highly intelligent, experienced, and consistent, this man will make a stellar CEO.
Just what Apple needs, and the timing is perfect.
Tim Cook is very highly regarded within the ranks of Apple employees. That in and of itself is a very critical advantage.
This move bodes very well for Apple today, tomorrow and well into the future.
The powers to be (not just Steve) have shown great wisdom with this choice.
I don't care what anyone says; no individual needs that much money.
91 months ago
Perhaps I'm in the minority but the amount of money CEOs and executives make is really ridiculous. I think the amount of money someone makes should be proportional to the amount of work they do, the amount they bring to the table, the amount of stress and sacrifice, etc
Far too often, CEOs are just a small part of the equation that makes a company run and makes it successful. It's all the other "little" men under them that actually make things happen. It's the people that research the products, develop them, market them, service them, and sell them. Then there are all the people that handle the finances, business and lawsuits. Many of these people are working their a$$es off, working weekends, having no life, and giving every ounce of their lives to their companies and make less in one year than what the CEO would make in a day. Meanwhile, many CEO's are enjoying their fat lives, golfing, and just making way too much money.
It's not a fair distribution of wealth. Unless a CEO can prove that he/she is bringing 1,000 times more to the table than some of the most hard working/ best assets of a company which is humanly impossible, it's all *************.
I would like to add that Jobs was not like any other CEO. He did bring a lot more to the table than pretty much any other CEO out there. We'll see about Cook.
I just hate comments like "Cook deserves it", etc...
Oh well, it's just corporate America and the land of equality for you.
Kan-O-Z
Far too often, CEOs are just a small part of the equation that makes a company run and makes it successful. It's all the other "little" men under them that actually make things happen. It's the people that research the products, develop them, market them, service them, and sell them. Then there are all the people that handle the finances, business and lawsuits. Many of these people are working their a$$es off, working weekends, having no life, and giving every ounce of their lives to their companies and make less in one year than what the CEO would make in a day. Meanwhile, many CEO's are enjoying their fat lives, golfing, and just making way too much money.
It's not a fair distribution of wealth. Unless a CEO can prove that he/she is bringing 1,000 times more to the table than some of the most hard working/ best assets of a company which is humanly impossible, it's all *************.
I would like to add that Jobs was not like any other CEO. He did bring a lot more to the table than pretty much any other CEO out there. We'll see about Cook.
I just hate comments like "Cook deserves it", etc...
Oh well, it's just corporate America and the land of equality for you.
Kan-O-Z
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