Tim Cook Apple CEO has made $377,996,537 in year 2011 which was revealed through Apple’s proxy statement for its 2012 annual meeting of shareholders. This amount is really incredible, especially when it is compared with (late) Steve Jobs’ annual salary which is $1. Among this all, much of the compensation comes from one million restricted stock units that were awarded the new CEO at the time of appointment.
In connection with Mr. Cook’s appointment as CEO and as noted above, the Board granted Mr. Cook 1,000,000 RSUs as a promotion and retention award. Fifty percent (50%) of Mr. Cook’s award is scheduled to vest on August 24, 2016 (five years after the award date) and fifty percent (50%) of Mr. Cook’s award is scheduled to vest on August 24, 2021 (ten years after the award date), subject to Mr. Cook’s continued employment with the Company through the applicable vesting date.
Tim Cook’s unvested RSUs will be forfeited if his employment terminates in any circumstances, other than death or disability. The Board of Directors noted that the amount of Cook’s RSU award was subjective.
The award was the product of the Board’s business judgment, which was informed by the experience of the Board members, the input received from Mr. Jobs, and the Board’s assessment of Mr. Cook’s performance in assuming responsibility for the Company’s day-to-day operations during Mr. Jobs’s prior leaves of absence. The Board also took into account the 10-year vesting period of the award, the importance of retaining Mr. Cook, and the opportunities Mr. Cook would likely have if he were to seek other employment. Finally, the Board considered the value of Mr. Cook’s existing equity awards that are scheduled to vest in 2012 and 2014 to encourage his short-term retention