Timothy Cook, Apple’s (AAPL) COO, who sat in while Steve Jobs was away ill, made a bonus valued at $22 million for his work. The bonus was awarded on March 10 and is discretionary, which means that the board did not specifically attach it to anything in Cook’s employment contract or the company’s executive compensation program. But Apple did say the compensation was “in recognition of his outstanding performance in assuming the day-to-day operations of the Company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.”
The reward was broken down into $5 million in cash and 75,00 restricted shares. Apple’s stock trades at $226, near its all-time high. The stock is up almost 130% over the last year.
Cook’s bonus vests 50% on March 10, 2011 and 50% a year later.
Cook was integral in keeping Apple on course during the early period after the iPhone was launched and then upgraded with 3G capacity, a period during which Jobs was often absent due to cancer.. He has been Job’s N0.2 for over a decade, a time in which Apple has successfully launched the iPod, iTunes, several new versions of the Mac, and the iPhone and highly successful App Store. The firm will launch its new iPad tablet PC on April 3.
Douglas A. McIntyre
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