updated 11:45 pm EST, Fri March 12, 2010
SEC reveals cash and stock bonus for Cook
Apple in a just-published SEC filing has revealed that its chief operating officer, Tim Cook, was paid about $22 million in bonuses for acting as CEO during Steve Jobs' medical leave last year. The payouts included both a $5 million immediate bonus as well as 75,000 units of restricted stock, which at the time issued were worth about $17 million. Both reflect the "outstanding performance" in taking Apple's helm, the filing reads.
Exactly half of the stock is expected to vest a year from when it was issued, on March 10th 2011, while the remaining half will vest another year later.
While many credit Apple's success in recent years to Jobs' return, Cook has been widely credited with mastering the practical side of the company's business. His work has helped gain control of release schedules and reducing the amount of inventory that Apple needed to produce and keep on hand, increasing Apple's profit margins and at times lowering prices.