Tim Cook reaps $59 million after 2010 bonuses, stock grants
updated 12:00 pm EST, Fri January 7, 2011
Includes reward for covering for Jobs' absence
Apple COO Tim Cook pulled in $59.1 million in total compensation during 2010, including bonuses and stock options, official SEC filings show. While already reasonably wealthy thanks to an $800,000 salary, he was further granted a "special award" in March, signifying "outstanding performance" in managing Apple while CEO Steve Jobs was away coping with a liver transplant. Cook received 75,000 restricted Apple shares, plus a $5 million discretionary bonus.
Overall Cook's stock awards for the year amounted to $52.3 million, forming the bulk of compensation. The amount represents a massive pay jump for the executive, who in 2009 pulled in a comparatively modest $1.64 million. His base salary will in fact rise permanently during 2011 to sit at $900,000.
An Apple committee has also elected to give a raise to Bruce Sewell, the corporation's general counsel, responsible for handling legal affairs. His salary will rise from $650,000 in 2010 to $700,000 in 2011. Keeping a $1 salary is CEO Steve Jobs, who sits on the boards of both Apple and Disney, and owns 5.5 million shares of Apple stock alone. SEC documents note that Jobs has not actually sold any of his Apple holdings since resuming CEO duties in 1997.
A 2011 shareholder meeting has been scheduled for February 23rd at 10AM Pacific time. Prior to this, on January 18th, the company will hold a conference call announcing Q1 2011 results.
Fresh-Faced Recruit
Joined: Jul 2008
Steve Jobs...
Cook is worth the money and worth keeping but Jobs' has a way of doing things CEOs should emulate. They think making a flashy gadget that sells or fails is what they are getting paid for. Jobs also leads by example and many of these CEOs lead by bad example. Apple's culture is pretty safe from being copied... and therefore the "others' will have to come up with their own ideas, something they loathe or fail to do.