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
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
