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Tim Cook Receives Bonus of $5 Million and Stock for Performance During Jobs' Absence

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Original poster
Apr 12, 2001
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Apple today filed a Form 8-K submission with the U.S. Securities and Exchange Commission disclosing a bonus of $5 million and 75,000 shares of Apple stock paid to Chief Operating Officer Tim Cook in recognition of his performance during Steve Jobs' leave of absence for a liver transplant during the first half of 2009.
On March 10, 2010, the Compensation Committee of the Board of Directors of Apple Inc. (the "Company") unanimously approved a recommendation by Steve Jobs, the Company's CEO, to award Timothy D. Cook, the Company's Chief Operating Officer, a one-time discretionary bonus of $5,000,000 and 75,000 restricted stock units in recognition of his outstanding performance in assuming the day-to-day operations of the Company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.

Fifty percent of the restricted stock units are scheduled to vest on each of March 10, 2011 and March 10, 2012, subject to Mr. Cook's continued employment with the Company through that date.
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Cook has been widely praised for his guidance of Apple during Jobs' absence, steering the company through several product releases and continued research and development while maintaining substantial earnings growth. He has been seen as one of a number of top executives at Apple who have entirely bought into the company's philosophy and carry tremendous talent but have been overshadowed by the prominence of Jobs. Cook has continued to remain a public face for Apple since Jobs' return in June of last year, and is seen by many as potential successor to Jobs' CEO position.

Article Link: Tim Cook Receives Bonus of $5 Million and Stock for Performance During Jobs' Absence
 
Article Link
https://www.macrumors.com/2010/03/12/tin-cook-receives-bonus-of-5-million-and-stock-for-performance-during-jobs-absence/
K

kaplanfx

macrumors member
Jan 31, 2010
36
0
MorphingDragon said:
Bloody hell, $5mil?

How about using that to hire some more software developers and protect what Niche computer markets you have left?
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Um, this is exactly how bonuses should work. Do a great job, get a great bonus. Shareholders made tons of money during that time too.

This is totally the opposite of the bankers who continue to receive huge bonuses while losing the shareholders huge amounts of value while basically breaking the entire world economy at the same time.

-kap
 
M

MMX

macrumors regular
Feb 16, 2010
125
0
Manchester
Small White Car said:
Mac sales have been rising every single quarter for years now.

Have you just woken up from a 10 year nap? I don't think they need to change their game-plan too much.
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Pro market? Where can I find it in current Apple lineup? Have you just woken up from a 10 year nap?
 
roland.g

roland.g

macrumors 604
Apr 11, 2005
7,414
3,152
Really, the stock is worth about $16 mil.

Anyway, as the future goes, I'd rather see Tim than Phil at the helm. Phil is a great guy and all, Tim just inspires more confidence in the brand and vision.
 
MorphingDragon

MorphingDragon

macrumors 603
Mar 27, 2009
5,160
6
The World Inbetween
kaplanfx said:
Um, this is exactly how bonuses should work. Do a great job, get a great bonus. Shareholders made tons of money during that time too.

This is totally the opposite of the bankers who continue to receive huge bonuses while losing the shareholders huge amounts of value while basically breaking the entire world economy at the same time.

-kap
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Yes but $5mill for the amount of time he was working!
 
D

DTphonehome

macrumors 68000
Apr 4, 2003
1,914
3,377
NYC
Those 75k shares are worth over 16 mil at 225 per share. So he gets over 20 mil for less than a year of work. Not too shabby.

Truth is, it's probably well worth it... he showed that there is "life after Jobs" in Apple. If Jobs left (by choice or by nature) without a successor of known quality, the stock would tank, easily by 10%, which would be a loss of value of over 20 billion by today's stock prices. Now investors can be sure that Apple's innovation/success will continue without Jobs at the helm.
 
H

hugodrax

macrumors 65816
Jul 15, 2007
1,220
611
kaplanfx said:
Um, this is exactly how bonuses should work. Do a great job, get a great bonus. Shareholders made tons of money during that time too.

This is totally the opposite of the bankers who continue to receive huge bonuses while losing the shareholders huge amounts of value while basically breaking the entire world economy at the same time.

-kap
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Exactly. This is how capitalism is supposed to work. Unlike the Bankers who had to take taxpayer money and paid themselves 30 million dollar cash bonuses. while shareholders ate 80% losses in equity.
 
Small White Car

Small White Car

macrumors G4
Aug 29, 2006
10,966
1,463
Washington DC
MMX said:
Pro market? Where can I find it in current Apple lineup? Have you just woken up from a 10 year nap?
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Not sure what you're talking about. I'm working in a 5-Mac-Pro video production office. All the production crews we hire use Macs back at their offices, both Mac Pros and Macbook Pros.

What sort of "pro market" are you talking about?
 
*LTD*

*LTD*

macrumors G4
Feb 5, 2009
10,703
1
Canada
MorphingDragon said:
Bloody hell, $5mil?

How about using that to hire some more software developers and protect what Niche computer markets you have left?
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You mean the entire Premium market, amid record-breaking Mac sales, quarter after quarter?

That's quite a "niche."
 
M

MMX

macrumors regular
Feb 16, 2010
125
0
Manchester
Small White Car said:
Not sure what you're talking about. I'm working in a 5-Mac-Pro video production office. All the production crews we hire use Macs back at their offices, both Mac Pros and Macbook Pros.

What sort of "pro market" are you talking about?
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MacBook Pro? Right? Ok, convince me why it's "Pro". I see a lot of ignorance from Apple regarding what should be called "Pro". Crappy graphic cards, crappy RAID controllers on Mac Pro and so on. "Pro" just doesn't exist in Apple's dictionary.
 
Small White Car

Small White Car

macrumors G4
Aug 29, 2006
10,966
1,463
Washington DC
MorphingDragon said:
Yep. AVID have been churning along nicely because Apple has neglected FCS. Apple's pro market is an abysmal shadow of its former self.
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And a lot of those Avids run on Macs.

I'm still waiting for the justification for saying that they need to change something to protect their "Niche computer markets" when sales are still rising.

If sales are rising, what needs protecting?

MMX said:
MacBook Pro? Right? Ok, convince me why it's "Pro". I see a lot of ignorance from Apple regarding what should be called "Pro". Crappy graphic cards, crappy RAID controllers on Mac Pro and so on. "Pro" just doesn't exist in Apple's dictionary.
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What does that have to do with anything? Are you even reading the conversation?

He said they should hire more software writers to protect computer sales. I said computer sales keep rising, so why change anything? You really haven't addressed any of that. You're kind of just having your own conversation.
 
*LTD*

*LTD*

macrumors G4
Feb 5, 2009
10,703
1
Canada
MorphingDragon said:
Yep. AVID have been churning along nicely because Apple has neglected FCS. Apple's pro market is an abysmal shadow of its former self.
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Avid and FCP have split the market between themselves 50/50. And FCP came out of nowhere and achieved that in a short time.
 
X

xIGmanIx

macrumors 6502a
Dec 21, 2008
835
0
I don't think any cares about that segment as apple is fifth in computer sales world wide. Just because you filter the criteria to meet your marketing and tout it as a success and aren't competing against any other apple hardware companies, doesn't mean jack in the landscape of PC's being sold

*LTD* said:
You mean the entire Premium market, amid record-breaking Mac sales, quarter after quarter?

That's quite a "niche."
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