Apple Thanks New CEO With 1M Shares

Tim Cook will reap $383M value by staying on until 2021
By Neal Colgrass,  Newser Staff
Posted Aug 27, 2011 4:50 PM CDT
Apple Awards New CEO Tim Cook With $383 Million in Shares
In this June 8, 2009 file photo, Apple interim CEO and Chief Operating Officer Tim Cook smiles before the start of the the Apple Worldwide Developers Conference in San Francisco.   (AP Photo/Paul Sakuma, File)

"Thanks for taking over as Apple's CEO, Tim. And by the way, here's $383 million." That's not an exact quote, but yes, Apple is awarding Tim Cook with one million shares currently valued at $383 million for taking the helm until 2021. MacRumors reports the only catch: Cook gets half of the shares in five years, and the other half if he stays until the end of his tenure. The so-called "restricted stock unit" (meaning it's not issued right away) was revealed in a mandatory filing by Apple to the SEC this week. For the record, Cook made $58 million in salary, bonus, and other stock awards for being Apple's COO last year. (Read more Apple stories.)

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