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One million Apple shares for new CEO Tim Cook

29 august 2011, 11:30
0
Apple CEO Tim Cook. ©AFP
Apple CEO Tim Cook. ©AFP
Apple's new chief executive Tim Cook has been awarded one million shares in the company, a bonus worth more than $383 million at the current stock price, AFP reports.

Apple disclosed the award in a mandatory filing with the US Securities and Exchange Commission.

The stock will be doled out in two tranches, 50 percent in 2016 and the remainder in 2021, "subject to Mr. Cook's continued employment with Apple through each such date," the filing said.

Cook, 50, replaced Apple's legendary co-founder Steve Jobs as chief executive of the California gadget-maker on Wednesday.

Jobs, 56, who underwent an operation for pancreatic cancer in 2004 and a liver transplant in 2009, is remaining with Apple as chairman of the board of directors.

Apple shares gained 2.64 percent on Wall Street on Friday to close at $383.58.

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