By Anton D. Nagy | August 27, 2011 3:55 AM
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