Image: Apple
Apple really must have faith on its new CEO, Tim Cook. A look at the company’s latest SEC filing has revealed that the company will give him an additional one million shares worth US$383 million as part of his CEO bonus.
However, Cook will have to wait until getting the big stock bonus. Half of the shares will only be given to him on August 24, 2016; and the other on August 24, 2021. Basically has to wait ten years to get all it.
And of course, it’s based on how long his tenure as CEO is.
According to CNN Money, this is on top of his undisclosed salary from Apple and last year’s $5 million bonus and $52 million worth of stock as part of his “outstanding performance” during Jobs’ medical leave in 2009. However, while Jobs got a $1 million salary, he took no stock options and bonuses and perks.
In addition, Cook has a lot of pressure. Steve Jobs revitalised the company when he became CEO in 1997. And based on its history, non-Jobs CEOs really have a short tenure – with one exception, John Sculley (the guy who pushed Jobs out of Apple), who lasted ten years. The rest happen don’t even past the five year mark.
But with Jobs still in the company, it most likely won’t damage Apple’s financial position again.