New Apple CEO to get 1 million Apple shares

Apple has had an interesting week this week. The sudden and unexpected news that its co-founder and CEO Steve Jobs would be stepping down from his CEO gig has put the spotlight on his replacement Tim Cook. Leading one of the biggest companies in the world is a big task. Thankfully for Cook, Apple's board of directors want to reward Cook for doing a good job in his new position.

In a document filed this week with the US Securities and Exchange Commission, it was revealed that the board of directors at Apple had voted to give its new CEO a big compensation package. Under the terms of the agreement if Cook sticks around through August 24, 2016, he will receive 500,000 shares in Apple's stock. If he stays at the company until August 24, 2021, he will get an additional 500,000 shares in Apple's stock. As MacRumors.com reports, that means if Cook stays at Apple for 10 years he will own 1 million shares of Apple stock. The estimated worth of that amount of Apple stock is a whopping $383 million.

Without Jobs, it will be up to Cook to lead Apple's employees in the day-to-day operations of the company. While Jobs is still Apple's Chairman and a member of its board, the ultimate fate of the company will now be in Cook's hands. As such the offer of 1 million shares in Apple's stock will be a nice incentive for Cook to continue to lead the company and keep its stock price up.

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