Apple's temporary chief gets bonus that could be worth $US22 million

Tim Cook was awarded $US5 million plus stock for running the company in Steve Jobs' absence

Apple Chief Operating Officer Tim Cook

Apple Chief Operating Officer Tim Cook

Apple Chief Operating Officer Tim Cook earned a $US5 million cash bonus plus stock that could be worth nearly $US17 million for the six months last year that he took the helm of the company.

In a filing with the U.S. Securities and Exchange Commission on Friday, Apple said its compensation committee had unanimously approved the bonus, which was recommended by CEO Steve Jobs.

Jobs said Cook deserved the bonus "in recognition of his outstanding performance" during the period Cook ran the company while Jobs was on medical leave.

Along with the cash, Cook was awarded 75,000 restricted pieces of stock. Half of them vest in March next year and the other half the following year. At Friday's closing price, the stock is worth nearly $US17 million.

A survivor of pancreatic cancer, Jobs received a liver transplant during his leave last year. Because he plays such a prominent role at Apple, investors and fans worried about the fate of the company in his absence. Some observers, including businessman Warren Buffet, criticized Apple for not having been more forthcoming about Jobs' condition. In announcing his leave, Jobs said only that his health issues had become more complex following his earlier disclosure of a hormone imbalance. Only later did it emerge that he required a liver transplant.

Cook was praised for keeping the company running smoothly in Jobs' absence. Under Cook's leadership, Apple's stock price climbed from the mid-$US80s to around $US140 per share.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags Appletim cook

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Nancy Gohring

IDG News Service
Show Comments


James Cook University - Master of Data Science Online Course

Learn more >




Back To Business Guide

Click for more ›

Most Popular Reviews

Latest Articles


PCW Evaluation Team

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?