“The New York Times had a lot of fun with Tim Cooks’ compensation package Sunday,” Philip Elmer-DeWitt reports for Fortune. “It led an article about excessive CEO pay with the rhetorical question: ‘Is any C.E.O. worth $1 million a day?’ To which it responded: ‘At Apple, the answer … is an emphatic yes.'”
“Then, dubbing Cook ‘The 378 Million Man,’ it published a graphic comparing his total compensation package, as compiled by Equilar, to various benchmarks: Number of $199 iPhones (1.9 million), number of $4.99 iPhone apps (75.8 million), number of years of employment in an iPad factory (60,919),” P.E.D. reports. “Only trouble is, Cook doesn’t make anywhere near $1 million a day.”
P.E.D. reports, “To collect the full 1 million shares of Apple stock (technically, restrictive stock units, or RSUs) Cook was granted in 2011, he has to stay at the company for 10 years… In fact, when you spread $376.2 million (the value of those 1 million RSUs the day they were granted) over 10 years, you get $103,000 a day. That’s a ton of money, but it’s not the $1 million dollars a day.”
Read more in the full article here.