In Steve Jobs absence last year, the chief executive Tim Cook took over position of CEO and continued to run Apple. Well it seems that Steve was impressed with him and Apple have given him a $5 Million bonus along with 75,000 stock units to invest in the company because of an ” Outstanding Performance ” during Jobs medical leave.
On March 10, 2010, the Compensation Committee of the Board of Directors of Apple Inc. (the “Company”) unanimously approved a recommendation by Steve Jobs, the Company’s CEO, to award Timothy D. Cook, the Company’s Chief Operating Officer, a one-time discretionary bonus of $5,000,000 and 75,000 restricted stock units in recognition of his outstanding performance in assuming the day-to-day operations of the Company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.
Fifty percent of the restricted stock units are scheduled to vest on each of March 10, 2011 and March 10, 2012, subject to Mr. Cook’s continued employment with the Company through that date.
It’s quite a contrast when you compare it to Steve Jobs salary. He famously limits his annual salary to just $1 a year, so it looks like Cook is the companies highest paid executive. In 2009, Cook received an $800,400 salary; $800,000 in nonstock incentive compensation; and about $40,900 in company matches to his retirement account, life insurance premiums and cash for unused vacation days.
Now how often does the chief operating officer get paid more than the CEO?