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 tim cookApple

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

Cool Tech

Breitling Superocean Heritage Chronographe 44

Learn more >

SanDisk MicroSDXC™ for Nintendo® Switch™

Learn more >

Toys for Boys

Family Friendly

Panasonic 4K UHD Blu-Ray Player and Full HD Recorder with Netflix - UBT1GL-K

Learn more >

Stocking Stuffer

Razer DeathAdder Expert Ergonomic Gaming Mouse

Learn more >

Christmas Gift Guide

Click for more ›

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

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.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?