The bulk of Tim Cook’s pay package is in restricted shares, which require him to stay on the job to cash in
Apple’s Tim Cook may now be the highest paid CEO in the Untied States.
According to the company’s filing with the Securities and Exchange Commission Monday, Cook’s pay package is worth $378 million – nearly three times what some speculate Twitter generated in income this past year.
Cook’s salary and bonus were each worth about $900,000 – relatively small figures in the grand scheme of CEO compensation, but far less than the $1 salary routinely taken by the late Steve Jobs, who owned billions in Apple stock.
The vast majority of that hefty reward comes through shares in the company, some of which are restricted stock units (RSUs). That means it behooves Cook to stay with the company to earn those extra millions, er, hundreds of millions.
Seeing as Apple spent parts of the last year as the world’s most valuable company, why would he go anywhere else?