Feeds

Apple's Tim Cook gets one million reasons to stay on as CEO

At current rate, 2021 payout would total $15bn

Secure remote control for conventional and virtual desktops

Apple has given its new CEO, Tim Cook, a million reasons to stay on until August 24, 2021.

As required by Securities and Exchange Commission rules, Apple filed a Form 8-K on Friday to officially inform stockholders of company leadership changes that might affect stock performance.

Oh, if you haven't heard, Steve Jobs resigned his CEO position on Wednesday, and was replaced by former COO Tim Cook.

Included in the brief filing is the following bit of largesse proffered to Mr. Cook:

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.

At today's value at the close of markets, those 1,000,000 shares would be worth $383,580,000.

Or, to look at it another fun – if ludicrous – way: on August 24, 2001, Apple's stock was going for $9.29 a share. Today's stock price is a 4,029 per cent increase over that 10-year-old bargain.

If Cook can keep Apple's value increasing at the same rate that Jobs managed to achieve over the past 10 years, his 1,000,000 share bonus on August 24, 2021 will be worth $15,454,438,200.

That is, should he decide to sell such a hot stock immediately upon vesting. One doubts he'll need the money. After all, according to Apple's most recent Proxy Statement, Cook's total compensation for 2010 alone was a cool $59,092,572. ®

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.