Feeds

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

At current rate, 2021 payout would total $15bn

Internet Security Threat Report 2014

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. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
HBO shocks US pay TV world: We're down with OTT. Netflix says, 'Gee'
This affects every broadcaster, every cable guy
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
French 'terror law' declares WAR on the INTERNET itself, say digi-rights folks
Liberté, Égalité, Fraternité: Two out of three ain't bad
SCREW YOU, EU: BBC rolls out Right To Remember as Google deletes links
Not even Google can withstand the power of Auntie
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
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?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.