“Today marks the fifth anniversary since Tim Cook was named Apple CEO on August 24, 2011, the same day that late co-founder Steve Jobs stepped down as chief executive for the final time and recommended the board of directors appoint Cook as his permanent successor,” Joe Rossignol reports for MacRumors.

“Upon reaching the five-year mark, Cook has today unlocked previously awarded stock bonuses currently worth over $100 million,” Rossignol reports. “he bonuses are tied to both his tenure and Apple’s performance under his leadership, including its total shareholder return relative to the S&P 500 index. ”

“Cook’s bonus includes 700,000 tenure-based restricted stock units that vested today as part of a larger compensation package of over 4.7 million shares awarded on August 24, 2011, in addition to his first of six annual installments of 280,000 tenure-based restricted stock units that vested today. The combined 980,000 shares are valued at nearly $106.7 million based on AAPL’s closing price of $108.85 on Tuesday,” Rossignol reports. “Cook’s net worth, assuming he remains with the company through August 24, 2021 and meets performance targets, is estimated to be over $500 million based on his current stock options and RSUs awarded.”

Read more in the full article here.

MacDailyNews Take: Not a bad little payday!

Don’t waste a cent of it on a three-year-old Mac Pro, Tim.😉

SEE ALSO:
Steve Jobs resigns as CEO of Apple; Tim Cook named CEO, Jobs elected Chairman of the Board – August 24, 2011