Apple chief Tim Cook in $378m pay package

[YosemiteSam]

aCk! What in hell are they thinking?!?!? That is ignorant as hell!! That is almost 5x the highest compensation for any CEO in 2010. (Viacom head Philippe Dauman made $84.5M last year)

The second Jobs is gone, the company promptly prepares for it's nose dive.
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Apple chief executive Tim Cook was awarded a pay package worth $378m (£244m) in 2011, most of which came in shares payable in the coming years.

Apple's board granted Mr Cook 1 million restricted stock units, worth $376m, to signal its confidence in him when he took over from Steve Jobs in August.

His salary and performance bonus, about $900,000 each, made up the rest, a company filing showed.

Mr Jobs, who died in October, owned 5.5 million Apple shares.

He famously received a salary of only $1 a year.

Aaron Boyd, head of research at Equilar, an executive compensation data firm, said Mr Cook's stock award was the largest single award given by a company for a decade.

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[BrAinPaiNt]

Personally I think it is crazy to give someone that kind of bonus. But at the same time I think it is better than some of these other big CEOs getting crazy bonuses and severance packages after their companies are going bankrupt or on the brink of it.

 

[theogt]

It's in the form of restricted stock that doesn't vest until 2016(50%) and 2021(50%), so he doesn't see a dime right now for $376.2mm of that $378mm. It only counts as pay for this year for accounting/SEC purposes.

His actual cash take home this year was about $1.8mm, which is kinda low for someone running one of the biggest companies in the entire world.

PS, the restricted stock grant was made public back in August 2011. This is kind of old news.