Apple Inc Chief Executive Tim Cook received a one-time stock award worth nearly $400 million, the largest given by a company in a decade.<\/p>\n
The company’s board granted Cook 1 million restricted stock units (RSUs) to signal its confidence in Cook after Steve Jobs turned over the helm of the iPhone and iPad maker to his long-time lieutenant in August.<\/p>\n
The stock award, half of which vests in 2016 and the remaining half in 2021, was worth more than $376 million, based on the closing price of Apple’s shares on August 24, 2011, the company said in a Monday proxy filing.<\/p>\n
“As far as a singular award, we haven’t seen anything this large in a long time,” said Aaron Boyd, head of research at Equilar, an executive compensation data firm.<\/p>\n
The only one-time stock award in recent memory that was worth more, said Boyd, was the January 2000 stock option package that Apple gave co-founder Steve Jobs. The 40 million options in that award were valued at more than $600 million at the time, Boyd said.<\/p>\n
Jobs, who was ousted from Apple in the mid-1980s, returned to the company in 1997 and went on to transform Apple into the world’s most valuable technology company with a string of hit products including the iPod, the iPhone and the iPad.<\/p>\n
Jobs, who died in October after a years-long battle with cancer, owned 5.5 million shares of Apple, according to the filing.<\/p>\n
Jobs received $1 a year in salary during the past three years, according to the filing, while Cook received a salary of about $900,000 in 2011.<\/p>\n
Apple said Cook’s award was a retention and promotion tool, as well as recognition for running the company during Jobs’ previous medical leaves of absence.<\/p>\n
“The Board views his retention as CEO as critical to the Company’s success and smooth leadership transition. The RSU award is intended as a long-term retention incentive,” Apple said in its statement.<\/p>\n
Shares of Apple closed Monday’s regular trading session down 67 cents at $421.73, after reaching an all-time high of $427.75 earlier in the day.<\/p>\n","protected":false},"excerpt":{"rendered":"
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