Apple’s Cook Gets Bonus for Work During Jobs’s Leave (Update1)
March 12, 2010, 5:54 PM EST
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(Adds timing of leave in third paragraph.)
By Dina Bass
March 12 (Bloomberg) -- Apple Inc. awarded Chief Operating Officer Tim Cook a one-time bonus of $5 million and 75,000 restricted shares for filling in while Chief Executive Officer Steve Jobs was on medical leave.
The board’s compensation committee unanimously approved a recommendation by Jobs to make the award, Cupertino, California- based Apple said today in a filing. Half of the restricted stock will be available to him on March 10, 2011, with the rest vesting a year later, assuming Cook stays with the company.
Cook was in charge of day-to-day operations at Apple between Jan. 14 and June 29 last year. Jobs, a cancer survivor, had a liver transplant during that time. While Cook was at the helm, Apple earnings topped analysts’ estimates in two straight quarters. The company also introduced a new version of the iPhone.
Apple rose $1.10 to $226.60 today on the Nasdaq Stock Market. The shares have climbed 7.5 percent this year. At today’s price, Cook’s shares would be worth almost $17 million.
--Editors: Nick Turner, Stephen West
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This is one reason I don't buy a lot of big expansive tech stuff anymore because the $500 or whatever for the iphone goes right into the pockets of the 20 or so sitting around the table on the 50th floor. Seeing crap like this makes me NOT want to give them my business although I know this happens everywhere.
Someone tell me why the fuck the average worker doesn't get paid more??
I know why they don't, I'm just bitching. Sick of seeing only a select few get rewards off the sweat of others brows.
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