Tim Cook, the chief executive officer of Apple Inc, has received $380 million as his compensation package for 2011.
In a statement Apple said that Cooks pay package for 2011 was worth $378 million. As a “promotion and retention award” Apple board granted Cook one million restricted stock units.
The company said in a regulatory filing,
“In light of Cook’s experience with the company, including his leadership during Jobs’s prior leaves of absence, the Board views his retention as CEO as critical to the company’s success and smooth leadership transition.”
Before stepping down as CEO the legendary Steve Jobs took three medical leaves and in all that three occasions Cook had filled in for him.
“The RSU award is intended as a long-term retention incentive for Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011,” added the statement.
According to the statement of Apple, Steve Jobs got annual salary of one dollar only during the last three years.
“While Jobs served as CEO, the company believed that his level of stock ownership significantly aligned his interests with shareholders’ interests; therefore, his total compensation consisted of a salary of $1 per year.”
