Apple gives Tim Cook 1 million shares

Aug 27, 2011 By JORDAN ROBERTSON , AP Technology Writer
Apple's new chief executive Tim Cook, pictured here in 2010, has been awarded one million shares in the company, a bonus worth more than $383 million at the current stock price.

(AP) -- Apple has given Tim Cook 1 million shares of restricted stock as he takes over as reins of the company from Steve Jobs. At current prices, the stock package is worth more than $383 million.

Cook assumed CEO duties this week when Jobs stepped aside after 14 years, saying he was no longer able to do the job.

Cook won't immediately have access to the stock. Half of the award vests over five years, and the other half five years after that. So the full value won't be known for years.

But it has the potential to be even more rewarding if certain expectations of Inc. come true.

Some analysts forecast Apple's stock, which closed Friday at $383.58, could hit $500 or more per share within the next year.

Explore further: Domino's taking orders via tweet

0 shares

Related Stories

Apple gives chief operating officer $5M bonus

Mar 13, 2010

(AP) -- Apple Inc. is giving its chief operating officer a $5 million bonus for "outstanding performance" running the company while CEO Steve Jobs was on medical leave.

Cook vows to stay true to Apple core

Aug 25, 2011

Tim Cook began his first day as Apple chief executive on Thursday by assuring employees that he will stick to the winning ways of his legendary predecessor Steve Jobs.

Apple again turns to Cook in CEO Jobs' absence

Jan 18, 2011

(AP) -- If the past is any indication, Tim Cook's mastery of inventory management and his high expectations of employees should leave Apple Inc. in good hands while its charismatic leader, Steve Jobs, takes ...

Recommended for you

Uber drivers fined in Hungary

5 hours ago

The Hungarian tax authority fined Uber drivers in its first probe against the ride-sharing service which the economy ministry said Saturday "ignores passenger safety" and must be made to follow regulations.

Domino's taking orders via tweet

May 22, 2015

Domino's on Wednesday launched perhaps the easiest way to satisfy a pizza craving this side of mind reading: order by tweet.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

rwinners
not rated yet Aug 28, 2011
Again..... that is for a lifetime of service????

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.