“Apple filed a form 8-K with the SEC because of the changes in corporate leadership at the company,” Jordan Golson reports for MacRumors. “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.”
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.
Golson reports, “This stock award is worth just over $383 million at current prices. The full amount of the stock award requires him to stay with Apple until 2021. He will get half by 2016.”
The full article, with a link to Apple’s 8-k filing, here.
MacDailyNews Take: The more stability and certainty Apple can demonstrate, the better.
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]