Home Industry Listed Tech Apple cooks up golden handcuffs for new CEO

Tim Cook, Apple's new CEO, has been fitted with a pair of golden handcuffs worth a third of a billion dollars.


The bonus that Tim Cook received last year for serving as acting CEO while Steve Jobs was on medical leave left little doubt as to the board's opinion of his talents. $US5 million in cash and shares that were at the time worth almost $17 million (now closer to $29 million) is nothing to be sneezed at.

Mr Cook was appointed CEO last week following Mr Jobs' resignation from the top job at Apple (Mr Jobs continues as an Apple employee and has become chairman of the company). On Friday Apple disclosed that Mr Cook has been granted 1 million shares in the company, providing he stays the course. The first tranche of 500,000 shares will vest if he is still with the company in five years time, and the remainder five years after that.

Those shares are currently valued at $US383.58 million. That gives Mr Cook a considerable incentive to at least maintain the value of Apple shares, which is presumably in line with what investors want.

The five and ten year thresholds should encourage him to take a long-term view, at least until this decade is out.

 

HOW TO OFFER 4G TO YOUR CUSTOMERS

Download an information pack to learn more about how you can offer competitive 4G plans to your customers.

> everything you need to operate your own 4G telco

> support for you and your customers

> billing, back-end and full compliance.

DOWNLOAD NOW!

HOW TOP MANAGERS MOTIVATE, ENERGISE EMPLOYEES

Download an in-depth guide to managing a healthy, motivated and energetic workforce without breaking the bank.

DOWNLOAD NOW!

Stephen Withers

joomla visitors

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences, a PhD in Industrial and Business Studies, and is a senior member of the Australian Computer Society.

 

 

 

 

Connect

Join the iTWire Community and be part of the latest news, invites to exclusive events, whitepapers and educational materials and oppertunities.
Why do I want to receive this daily update?
  • The latest features from iTWire
  • Free whitepaper downloads
  • Industry opportunities