Did Apple CEO Tim Cook Earn $380 Million for 2011?
Speculation has been running rampant that new Apple CEO Tim Cook will be the highest paid CEO in 2011 in the U.S.
Cook, whose salary for the year stood at around $900,000, was granted a million restricted stock units upon his hire, according to AP.
Cook’s salary and restricted stocks combined with an additional performance bonus, retirement account, life insurance, and company contributions are valued at nearly $378 million.
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Cook’s financial package could potentially be worth even more than the anticipated $378 million if Apple stock rises over the next few years, however, he will not be able to get his hands on the fortune just yet.
Half of Cook's awarded shares will vest in five years and the other half in ten "subject to Mr. Cook's continued employment with the Company."
Mr. Cook became the CEO of the famous brand following the August departure of the widely acclaimed Steve Jobs.
Jobs, who was famous for taking only $1 as his Apple CEO salary for years, accumulated much of his wealth through investments in company stock.
Like Jobs, Cook has been a hands-on CEO, handling customer relations inquiries, responding to emails from Apple fans and posting on Apple blogs. He also lives in a modest home in Palo Alto, Calif., near where Jobs used to live.
“I like to be reminded of where I came from and putting myself in modest surroundings helps me do that. Money is not a motivator for me,” Cook was quoted as previously saying on CNN.
The Apple CEO, who was hired by Jobs to take over his position, grew up in Alabama and also serves on the board of directors for Nike.
He graduated from Auburn University with a degree in industrial engineering and earned his M.B.A. from Duke University in 1988.
