BusinessDay: Apple temporarily became the biggest company in the world by market value before slipping back behind Exxon Mobil after climbing 26% in 2011, APPLE CEO Tim Cook will receive compensation for last year worth $378m, boosted by restricted stock awards that are payable over the next decade. The total includes $376,2m in shares that will vest starting in five years, Cupertino, California-based Apple said on Monday in a proxy filing to shareholders in San Francisco. Mr Cook’s base salary was $900000 last year. The company, which plans to hold its annual shareholder meeting on February 23, had previously disclosed that Mr Cook received 1-million restricted shares in August. Apple’s board, now led by chairman Art Levinson, offered the stock options to Mr Cook to help ensure that he does not pursue other job prospects. "No formula or peer group benchmark" was used to calculate the amount, the company said in the filing. Steve Jobs, who passed the reins to Mr Cook before his death in October, had given input about the pay package. In November, software executive Scott Forstall, hardware manager Bob Mansfield, chief financial officer Peter Oppenheimer, marketing chief Phil Schiller, general counsel Bruce Sewell, and operation manager Jeff Williams each received 150000 restricted shares, which vest between 2013 and 2016, according to regulatory filings. Eddy Cue, who handles internet software, received 100000 shares after having received another 100000 when he was promoted to senior vice-president last year. Mr Jobs had compensation of $1 a year when he was CEO, but the board awarded him stock grants. He owned 5,5-million shares at the time of his death. Apple shares climbed 26% last year. They were little changed on Monday at $421,73. Apple temporarily became the biggest company in the world by market value last year, before slipping back behind Exxon Mobil Corporation."Bloomberg" Source: BusinessDay ***
Friday, 24 August 2012
Apple CEO paid $378m last year
BusinessDay: Apple temporarily became the biggest company in the world by market value before slipping back behind Exxon Mobil after climbing 26% in 2011, APPLE CEO Tim Cook will receive compensation for last year worth $378m, boosted by restricted stock awards that are payable over the next decade. The total includes $376,2m in shares that will vest starting in five years, Cupertino, California-based Apple said on Monday in a proxy filing to shareholders in San Francisco. Mr Cook’s base salary was $900000 last year. The company, which plans to hold its annual shareholder meeting on February 23, had previously disclosed that Mr Cook received 1-million restricted shares in August. Apple’s board, now led by chairman Art Levinson, offered the stock options to Mr Cook to help ensure that he does not pursue other job prospects. "No formula or peer group benchmark" was used to calculate the amount, the company said in the filing. Steve Jobs, who passed the reins to Mr Cook before his death in October, had given input about the pay package. In November, software executive Scott Forstall, hardware manager Bob Mansfield, chief financial officer Peter Oppenheimer, marketing chief Phil Schiller, general counsel Bruce Sewell, and operation manager Jeff Williams each received 150000 restricted shares, which vest between 2013 and 2016, according to regulatory filings. Eddy Cue, who handles internet software, received 100000 shares after having received another 100000 when he was promoted to senior vice-president last year. Mr Jobs had compensation of $1 a year when he was CEO, but the board awarded him stock grants. He owned 5,5-million shares at the time of his death. Apple shares climbed 26% last year. They were little changed on Monday at $421,73. Apple temporarily became the biggest company in the world by market value last year, before slipping back behind Exxon Mobil Corporation."Bloomberg" Source: BusinessDay ***