“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
CEO Pay is pretty outrageous. I surprised BLM hasn’t protested CEO pay.
Pretty good wages for doing nothing but keeping old tech in the Macs and creating the dud watch.
Wow, a C- grade earns 100 Million.
I can’t do any worse, and I’ll work as CEO for half of that…
Sad, isn’t it?
Amid of a huge campaign on taking Tim Cook down, this good news is not helpful at all. it will trigger more jealousy. Because of this huge incentive for being CEO, obviously someone very powerful out there has eyed on to become Apple CEO for the past five years, there was a campaign to unmount Tim Cook from his current position, by pushing down AAPL like a tennis balls under the water, however; TC continues earning mountain of profits and cash-hoarding for Apple, so the task to bring Cook down take a little longer than anticipated but if he’s patient enough, he would succeed to bring Cook down in the future, just a matter of time. In my humble opinion.
“Make great again…dump Tim Cook™”
Tim gets $100 million and I’m still waiting for the Mac Pro update… 🙁
Heck, almost any Mac update.
The Pro, Mini, MB Pro, MB, Air, iMac, etc…. All are horribly out of date and in some cases YEARS behind the competition. We need to be leaders and innovators, not followers and peddlers of years old technology like those second rate no-name generic PC builders.
Apple, we deserve some new hardware — and we will buy it.
I suppose that is the brilliance of Cook.
Jobs created mind blowing products and we fell in love with Apple. Jobs dies and Cook comes in. Cook already has a captive audience and knows he can sell us 3 week old sushi cuz we’re still thinking of Chef Jobs.
Bottom line, Cook is a con artist selling us old stale sushi. He will sell that to us for as long as he can get away with it. He saves a lot of money that way because he never has to buy fresh fish. Old fish is much cheaper and he can sell it as fresh at top dollar, which makes him look like a genius CEO.
He walks away with 100 million and plays us for suckers.
There are plenty of suckers. I’m not one.
Steve’s mission in life was to make money by improving the lives of others through technology. He believed in his mission, and that’s what gave him his ‘RDF’.
I knew he was left wing but I respected him anyway. But Jobs was an old school liberal.
Cook is an left wing activist. His mission in life is to accumulate as much money as humanly possible and to use the power to convince us all that homosexuality is in some way normal.
His interested in customer desires are nothing more than a means that end.
$100m sounds lovely, but Cook will learn that money cannot buy everything. It cannot, for example, rewire his brain so that he regains a normal healthy desire for women. It cannot magically give him the ability to see future tech trends as Jobs could. And it won’t make him work any harder in redirecting Apple back on course, making the best products in the world, as Steve said, that they would be proud to sell and would recommend to their family and friends.
You can bask in the glory of right-wing homophobia, but being wrong is not a valid opinion.
I’m curious: Why exactly do you think being gay isn’t normal?
Didn’t Vogon poetry have something to say about it? The Vogons didn’t seem terribly gay in their temperament. Odd really. So long and fish for all the thanks!
I hear Cook is going to add different colors to the Mac Pro as a major update. Gotta love that diversity.
Corporate executive compensation is absurd and Apple is no exception.
To put this cash bonfire in perspective:
$100 million over 5 years represents an hourly salary of over $2283 — and that’s if you assume that Cook actually worked every second of every day, including holidays, with no vacations.
This is of course humanly impossible. If you assume Cook was simply a normal workaholic who put in a solid 80 hour work week with 2 weeks of vacation per year, then his hourly cash compensation would be over $4807.
How many hundreds of experienced professionals could Apple have employed making awesome new stuff instead of blowing it on an already overpaid CEO who is clearly not incentivized to delight users with new Macs no matter how much money is thrown at him?
Fair is whatever people agree upon, and the deal gave Tim a bunch of money.
The board of Apple decides his salary, and Steve Jobs picked him. He gave them stability after Jobs died, and he has done a good job since.
While CEO compensation is excessive, he earned the money according to the contract.
Good for Tim.
No human earns that much money. It was a gift from a board that is increasingly out of touch with the values that Apple used to follow.
We all know that Jobs was incomparable, but his leadership style should be better imitated by his successors. After Jobs had fully feathered his next with stock options from his first stint at Apple (up to 1985), he stopped heaping insane compensation on himself. The dividends alone from his Apple and Disney stock allowed him to live as comfortably as he desired.
From 1997 until his death, Jobs took $1 per year in cash salary and most years he collected no bonus.
In 2001, Apple purchased him a $90 million Gulfstream jet.
In contrast, Cook is taking the cash, the bonus, the stock options, and also the jet. Does his performance justify it? I think not, and it’s pretty clear that piling more gold onto the pile isn’t going to improve Cook’s performance.
CEOs don’t need incentive to make the big bucks. Just show up to work everyday, do as little work as possible and get paid a huge salary with bonuses. It’s good to be at the top.
For some reason, I think it might be fun to be a CEO, being able to build amazing products and making rivals tear their hair out. I’d want to build a Mac Pro with the best components and watch all the other computer manufacturers scramble to keep up. One would think with all the cash flow Apple has, something like that would be easy. Whatever happened to Apple’s economies of scale? Doesn’t it exist anymore. I had thought Apple had a good working relationship with Intel to get good pricing.
I honestly don’t understand why Tim Cook and Apple is satisfied with building some third-rate Mac Pro. What’s the purpose of doing something like that?
Me too.
Actually, never mind.
Any money I give Apple will go to leftist causes and to elect criminals.
Buy used or not at all.
Steve had the ability to “skate to where the puck will be”, “see around corners to the future” ,and “put a dent in the universe” all with his reality distortion field.
Tim is a inventory, and delivery process efficiency manager turned CEO after Steve Jobs transcended back to his mothership UFO “Freaking Genius”.