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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19 Comments

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"The sudden and unexpected news that its co-founder and CEO Steve Jobs would be stepping down from his CEO"

that was pretty much expected

Normally I would start complaining how they are throwing millions at a person who doesn't deserve it, and while I will say that I think this bonus is a bit extravagant, Apple has the money to do whatever they want with it.

MrMickeyMoose said,
YAY, hopefully this new CEO will drive apple into the ground where they belong.

Very original, and somehow I don't see this happening.

MrMickeyMoose said,
YAY, hopefully this new CEO will drive apple into the ground where they belong.

You are quite pathetic!

MrMickeyMoose said,
YAY, hopefully this new CEO will drive apple into the ground where they belong.

Yeah you're a dumb ass, the company that needs to be driven into the ground is Walmart. Apple does not deserve that, and I'm not exactly an apple freak since I have none of their products, you are just bashing a truly fantastically ran company.

300+ Million Dollars just be become CEO , didn't even earn it yet!

FYI - Yes i'm hating on him and his millions, LOL.

SHoTTa35 said,
300+ Million Dollars just be become CEO , didn't even earn it yet!

FYI - Yes i'm hating on him and his millions, LOL.

Did you read the article? To get all that he needs to stay for 10 years, and not "just be become" as you say.

panacea said,

Did you read the article? To get all that he needs to stay for 10 years, and not "just be become" as you say.

Pretty decent incentive to stay though you have to admit.

JWharmsby said,

Pretty decent incentive to stay though you have to admit.

Agreed, but it's not entirely up to him. If he doesn't perform up to their high expectations, he'll be fired, and can say goodbye to all those shares.

agreenbhm said,

Agreed, but it's not entirely up to him. If he doesn't perform up to their high expectations, he'll be fired, and can say goodbye to all those shares.


Exactly. It's an incentive to do a good job, not just hang around... It seems to be a fair compensation package really. Some CEO's get these packages just for starting, so I'm kind of glad to see Apple tieing it to performance.

Meph said,
I wonder what will happen to Steve's shares in Disney, since he's the biggest shareholder.

Why would anything happen to them? They are Steve's personal shares, not Apple's so he will keep hold of them until he wishes to bow out, if ever.

Haha, I love the wording... "sorry you've just become CEO of the most import technology company of our generation... have 1 million shares as compensation"...

Antaris said,
Haha, I love the wording... "sorry you've just become CEO of the most import technology company of our generation... have 1 million shares as compensation"...

Um, Apple is just one of many companies that make gadgets. All of which will, by design, be obsolete and forgotten in years to come (think Apple II, etc.).

The ONLY thing Steve Jobs will be quite rightly be remembered and honored for in decades to come is...

Pixar.