Home > Apple, News & Updates > Apple’s Temporary Chief Gets Bonus That Could Be Worth $22M

Apple’s Temporary Chief Gets Bonus That Could Be Worth $22M

Apple Chief Operating Officer Tim Cook earned a US$5 million cash bonus plus stock that might be worth nearly $17 million for the six months last year that he took the helm of the company.

In a file with the U.S. Securities and Exchange Commission on Friday, Apple supposed its recompense committee had unanimously accepted the bonus, which was optional by CEO Steve Jobs.

Jobs said Cook deserved the bonus “in recognition of his outstanding performance” during the period Cook ran the company while Jobs was on medical leave.

Along with the cash, Cook was awarded 75,000 restricted pieces of stock. Half of them vest in March next year and the other half the following year. At Friday’s closing price, the stock is worth nearly $17 million.

A survivor of pancreatic cancer, Jobs received a liver transplant throughout his leave last year. Because he plays such a prominent role at Apple, investor and fans worried about the fate of the company in his nonattendance. Some observers, including manufacturer Warren Buffet, criticized Apple for not having been more approaching about Jobs’ state. In announcing his leave, Jobs said only that his health issues had become more multifaceted following his earlier disclosure of a hormone imbalance. Only afterward did it emerge that he necessary a liver transplant.

Cook was praise for keeping the company running easily in Jobs’ absence. Under Cook’s management, Apple’s stock price climbed from the mid-$80s to around $140 per share.

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