Apple's head Tim Cook given stock options worth $376 million, the largest CEO package in a decade

Apple's head Tim Cook given stock options worth $376 million, the largest CEO package in a decade
Apple has given its current CEO Tim Cook a gigantic retainer package in the form of restricted stock options to vest in 2016 and 2021, says today's proxy filing. The package has been worth north of $376 million based on the August 24 closing price of Apple's shares, when the options were granted.

This way the CEO has every incentive to nurture Apple's stock price for the foreseeable future, and the package may one day be worth over a billion, if Apple continues to shatter its sales records all the way to 2016, when half of the options can be converted.

This is the single largest CEO payout in more than a decade, bested in recent memory only by Apple's previous CEO Steve Jobs, who was granted stock options worth more than $600 million at the time they were given to him in 2000. Of course, there was some option backdating scandal that ensued in the following years, but Tim Cook's package shows that Apple really knows how to take care of its own, and keep the exclusive talent that made the company what it is now.

source: Reuters

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5 Comments

1. PAPINYC

Posts: 2315; Member since: Jul 30, 2011

It's nice to know where all that iPad money is going. Steve Jobs must be rollin' in his grave, maybe he'll resurrect to take back his stock.

2. -box-

Posts: 3991; Member since: Jan 04, 2012

Maybe he'll take some of that money and use it to improve working conditions in the apple "product-assembly" factories in China, and better compensate its workers....

3. ivanko34

Posts: 617; Member since: Sep 04, 2011

I am sure he will not change nothing about that

4. Lucas777

Posts: 2137; Member since: Jan 06, 2011

why dont u tell foxconn to do that instead of bitching about apple not doing it.. how is it their fault that foxconn (who many other notable companies also use (samsung)) doesnt protect their own workers.. if i remember right their was a whole article about how apple employees love their jobs

5. McLTE

Posts: 922; Member since: Oct 18, 2011

How is it their fault? Because by continuing to use companies like Foxconn while the whole world knows about the deplorable conditions, it provides no incentive for change. If Apple and any of the companies that use Foxconn were to stand up and say unless conditions change, they will take their business elsewhere, I guarentee things would change fast. I have an idea.. how about Apple reduce their profit margin on some of their products and pull the production back to the US.. employ US workers and support OUR economy.

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