Apple secures Tim Cook as CEO through 2021

By on August 29, 2011, 11:30 AM

Apple is hoping to retain new CEO Tim Cook for the next decade by offering him one million shares of company stock. Current market value for the shares is roughly $389 million, although since these are restricted stock units, Cook will be unable to obtain them until certain provisions are met.

The plans were made public via a Form 8-K filing with the United States Securities and Exchange Commission. A Form 8-K is used to inform investors of any big changes within a company that would apply to shareholders or the Securities and Exchange Commission.

Under the plan, the new Apple CEO will receive 500,000 shares on August 24, 2016 and the remaining 500,000 shares on August 24, 2021, subject to Cook’s continued employment with Apple through each such date.

Cook reportedly took home nearly $58 million last year. His base salary was $800,000 and he earned an addition $5 million bonus and $52 million in stock for filling in as CEO while Jobs was recovering from a liver transplant in 2009. With the stock boost, it is believed that Cook's share of the company will measure 20 percent of what Jobs owns in Apple.

The 50-year-old Cook has been with Apple since 1998 and served as chief operating officer since 2007. He served two stints as interim CEO for Apple, one in 2004 and again in 2009 while Steve Jobs was away on medical leave. Jobs announced that he was stepping down as CEO on August 24, 2011 and recommended Cook for the vacant position.




User Comments: 11

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Guest said:

Goodbye apple..

Thank you for being a competor to Microsoft..

I wish all the workers good life....

But the company is dead. Apple isnt Apple without S. Jobs.

Guest said:

> Apple isnt Apple without S. Jobs.

Sad but true. No one knows this tim cook guy, and it's HIGHLY doubtful he will ever be able to replace Jobs by even a thin margin.

Guest said:

Cook looks like a younger look-alike Jobs.

The investors haven't went on a selling spree yet... and Cook has been interim CEO twice already...

Apple isn't going anywhere.

ramonsterns said:

Steve Jobs, Tim Cook?

This proves my theory that all Apple CEOs are actually automatons, all named using a name generator.

lawfer, TechSpot Paladin, said:

Gates, then Jobs, now Cook?

Anybody see something just plain odd about these CEOs' last names?

aj_the_kidd said:

52mil for a CEO backup, damn how do i apply? how much did Steve jobs make then? i need to go to CEO school or something

Apples future is fine, the iPhone 5 is coming out in the next quarter or so and thats going to be a major success plus the iPad3 will be out shortly after. Now Will they be as innovative, thats another question

ikesmasher said:

you guys gotta remember that jobs is still chairman of the board.

aj_the_kidd said:

ikesmasher said:

you guys gotta remember that jobs is still chairman of the board.

True, but given his deteriorating health, he wont be able to help Apple in the same capacity as he could when he was CEO and healthy. That being said Apple will be fine

ramonsterns said:

aj_the_kidd said:

ikesmasher said:

you guys gotta remember that jobs is still chairman of the board.

True, but given his deteriorating health, he wont be able to help Apple in the same capacity as he could when he was CEO and healthy. That being said Apple will be fine

Indeed, the best way to stay afloat is to build fanatics, and they have quiet the menagerie.

StrayEagle said:

lawfer said:

Gates, then Jobs, now Cook?

Anybody see something just plain odd about these CEOs' last names?

Cook is breaking the patern...we need someone with a last name ending in an 's'. :P

NTAPRO NTAPRO said:

This only happened because the world ends next year and no one has anything left to lose.

Kidding but, Jobs isn't too far away from Apple. He still has the position of Chairman.

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