Money Matters, Simplified.
Apple Inc.'s COO gets 22mn as bonus
by Ishita Sood - March 13, 2010 - comments
Cook, who currently holds 13,741 shares of Apple stock and 500,000 additional restricted stock options that have not yet been transferred to him, joined Apple in 1998. He was senior vice president of operations in 2002 after which he was made COO of Apple's Macintosh division.
Apple Inc.’s Chief Operating Officer (COO) Timothy Cook received a cash-and-stock bonus worth $22 million for filling in for CEO Steve Jobs while he was on medical leave.
According to a regulatory filing with the Securities and Exchange Commission on Friday, Cook received $5 million in cash and 75,000 restricted stock units.
He will be getting half of the stock rights on March 10, 2011, while the other half will be transferred to him on March 10, 2012. The shares are worth $17 million.
Apple Inc. said on Friday that Cook was nominated for the bonus “in recognition of his outstanding performance in assuming the day-to-day operations of the company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.”
The bonus comes as Apple launches the iPad tablet computer, which has been the subject of news and controversy since the beginning of this year. Apple iPad is expected to launch on April 3.
Cook’s performance laudable while filling for Jobs
Cook’s performance while Steve Jobs, co-founder of the company, was away was highly laudable.
Jobs, who took medical leave in the first half of last year, is a survivor of pancreatic cancer. He is expected to join in late June.
While Jobs was on leave, Cook received praise for his ability to move Apple's extensive operations. Cook ran the company with the help from his team of executives, including marketing chief Phil Schiller, design leader Jonathan Ive, and retail manager Ron Johnson.
Cook’s performance while Steve Jobs, co-founder of the company, was away was highly laudable.
Cook, who currently holds 13,741 shares of Apple stock and 500,000 additional restricted stock options that have not yet been vested on him, joined Apple in 1998.
He was senior vice president of operations in 2002 after which he was made COO of Apple's Macintosh division.
Cooks’ last year
Under Cook's direction in 2009, the company updated its laptops and gained a fast entry in the iPhone market. Apple sold more than a million of the new iPhone 3GS.
The COO received a salary of $800,400, along with $800,000 in non-stock incentive compensation, $40,900 for retirement account, life insurance premiums, and cash for unused vacation days for 2009.
The California-based company’s share prices have climbed 7.5 percent this year.