Apple Gives New CEO Tim Cook 1M Shares For Staying 10 Years
The news of Steve Jobs resigning as Apple CEO reached everyone regardless of their platform or gadget of choice, unrelated to them being a tech person or not. While Steve Jobs was on a medical leave, Tim Cook was the person who took over the CEO’s responsibilities and with Jobs resigning, Tim Cook was strongly recommended to the Board as a successor to Jobs.
Opposed to the founder of Apple, who cashed in $1 per year for his CEO duties, Tim Cook has been offered a much better deal: he can have one million Apple stocks with a current market value of $383.6 million. The deal should benefit both parties: Cook obviously becomes a richer person and Apple gets Tim Cook as CEO for a decade, as he gets half of his stock in August 2016, and the other half in 2021.
Source: CNN Money