Apple's Cook receives $380 million compensation package for 2011
11 Jan 2012
Apple Inc's chief executive Tim Cook, who took over as head of the global technology giant after Steve Jobs, has received around $380 million (about Rs2,000 crore) as his compensation package for 2011.
Cook's pay package for 2011 is among the most lucrative compensations awarded to a chief executive according to industry experts.
Apple said in a regulatory filing that Cook's pay package for 2011 was worth $378 million, a large chunk of which came from a one-time stock award worth $376 million, while his salary and compensation bonus made up the rest, amounting to $900,000 each.
Cook was granted 1 million restricted stock units by the Apple board as a 'promotion and retention award'.
According to Apple, 50 per cent of the stock award was scheduled to vest in 2015 and the other 50 per cent in 2021, provided Cook continued employment with the company.
"In light of Cook's experience with the company, including his leadership during Jobs's prior leaves of absence, the Board views his retention as CEO as critical to the company's success and smooth leadership transition," Apple said.
