Apple's Cook gets $378m in compensation
Apple Inc. said Monday it gave Chief Executive Tim Cook compensation worth nearly $378 million last year, drawing a sharp contrast to the $1 salary traditionally earned by former CEO Steve Jobs as the company gears up for its first annual shareholder meeting since Jobs's death in October.
Cook's compensation was largely made up of a grant of restricted stock, intended to retain the CEO as it vests over a period of 10 years. Cook earned a salary of roughly $900,000 in 2011.
While his predecessor was known for taking a token salary, Jobs was also the owner of a significant amount of Apple stock.
In a filing, the technology giant said Cook, who stepped in as Apple's CEO when Jobs went on medical leave in August 2011, and Robert Iger, the CEO of Walt Disney Co., should be elected to the board along with the company's six other directors at the annual meeting scheduled for next month. Apple's directors serve one-year terms.
The recommendations come amid recent changes to the board's structure but suggest Cupertino, California-based Apple's directors aim to maintain a familiar composition.
Apple did not have a chairman when Jobs was CEO, although the co-founder became chairman after he resigned his executive position. In November of last year, the company named a non-executive as chairman.
Cook, 51 years, received the bulk of last year's compensation in the form of 1 million restricted stock units that were granted in August, when he was appointed CEO. Half of his stock award is scheduled to vest in 2016, and the other half in 2021.
At the time of the grant, Cook's award was worth more than $376 million based on Apple's share price of $376.18. On Monday, Apple shares closed at $421.73.
In November, Cook's salary was raised to $1.4 million from $900,000, Apple said.Iger, 61, a friend and business partner of Jobs', was named to Apple's board in November at the same time Arthur Levinson was selected to become chairman.
Iger has been the CEO at Disney, where Jobs served as a board member, since 2005. He received an automatic initial award of 142 restricted stock units, which is scheduled to vest next month.
Eddy Cue, who was promoted to the role of Senior Vice President, Internet Software and Services in August, received 100,000 restricted stock units, half of which will vest in August of next year with the other half vesting in 2015, Apple said. Cue received a raise to $800,000 from $700,000 in November.
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