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Apple Awards Tim Cook 1,000,000 Shares of Stock as CEO Bonus
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Not with my hands or manual labour - but that would be easy compared to the kind of pressure in some knowledge/skill-based industries. I worked in the accounts recovery industry (debt collections/recovery) for the better part of 12 years. Most people can barely handle it for 2-3 months. Pay these people the same salary (and possibly a similar commission rate, hypothetically) for picking up trash and they'll jump at the chance.
Where I'm from refuse collectors are way, way, way overpaid. It's almost obscene.
Too much
I would have not given him this at all, he's not worth it.
Did Jobs even get a package like this?
I would have given an across the board pay raise to all apple employees today.
This is just insane, 1 million shares plus 50 million in pay per year? Give it back to the normal employees. This is just stupid pay for one person. This pay package is like trying to create some mythical aspect for this guy and he will never get it from dangling money. He is no Jobs. Sorry this is just stupid.
ETA: the guys "lifestyle" is risky, so he may never collect any of those shares. Maybe this is to temp him to slow down his "lifestyle" and be less risky, so his health will remain ok.
I would have not given him this at all, he's not worth it.
Did Jobs even get a package like this?
I would have given an across the board pay raise to all apple employees today.
This is just insane, 1 million shares plus 50 million in pay per year? Give it back to the normal employees. This is just stupid pay for one person. This pay package is like trying to create some mythical aspect for this guy and he will never get it from dangling money. He is no Jobs. Sorry this is just stupid.
ETA: the guys "lifestyle" is risky, so he may never collect any of those shares. Maybe this is to temp him to slow down his "lifestyle" and be less risky, so his health will remain ok.
This is what is generally referred to as a retention bonus. As others have pointed out. The goal is twofold: To keep Tim Cook at Apple and to publicly discourage others from luring him away.
B
Wouldn't that be the point though?
In order for him to receive the full value he has to stay with the company until they mature and ensure Apple performs at peak value so they don't crash and he ends up with 100 million shares worth a penny each.
Of course he's earning 50 mil in other salary benefits which for most ordinary folk would be more than enough anyway.
My open hand is ready for some of that!
And $58 Million in 2010?
I could pay for my daughter's upcoming wedding with a small fraction of that amount.
My open hand is ready.
So sorry about your daughter's wedding. I know it must be hard on you as a dad.
Just kidding with you.
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I"m pretty sure I read the average Apple engineer makes $85,000 a year.
I don't think "working hard" is the correct way to compare things. One can argue whether Tom Brady works harder than the lowest paid guy on the Patriots or that Tim Cook or Steve Jobs works harder than an Apple engineer. The key point is their value, what they can bring to the organization. The more unique the skills, the more likely that person is well compensated. Arguably a garbage collector is relatively fungible with another person (no special skills are required) so the market would generally not compensate that person as well as someone who needs more skills.
Congrats Tim
note to any other aspiring execs at Apple who are looking to make it to the top: leave now. Not gonna happen
note to any other aspiring execs at Apple who are looking to make it to the top: leave now. Not gonna happen
You'd be surprised, VERY suprised!
Steve Jobs IS Apple, he has the charisma and leadership that translates and mirrors itself in Apple's products.
While he is alive Apple's products will maintain Steve's tough, once he is gone though, the real test will begin.
Besides making good products what made Apple, Apple is the hype and Steve's ability to sell.
The new CEO was awarded restricted stock equal to .0011 of the average number of shares outstanding--giving him the hope that if the next decade goes well, he may become the owner of an additional 1/10 of one percent of the company he runs. Concomitantly, each shareholder, by virtue of this grant, has been potentially diluted such that each may own only 99.89% of what they owned immediately prior to the issuance of the RSU's. At today's closing stock price, the potential cost per share of this grant was 41.33 cents.
Cook has been the de facto CEO of one of the most highly-valued public companies for quite some time now, and Steve Jobs and the Board are obviously convinced that he is better-suited to formally take the CEO role than anyone else. Providing this unique individual with a powerful incentive to remain with the company and to align his personal financial success with its shareholders is something an overwhelming majority of Apple shareholders would see as being in their best interest, and certainly worth its minimal potential dilutive effect.
Those offended by the extraordinary wealth this calculus can confer on the recipient (particularly in contrast to the average wage of Apple employees, or to that of workers in general), may be consoled by the realization that there are only a very few people in the world who have the requisite attributes to be accorded such opportunity and who also occupy a position where their performance can increase the aggregate wealth of those paying them by far more than they receive.
Cook has been the de facto CEO of one of the most highly-valued public companies for quite some time now, and Steve Jobs and the Board are obviously convinced that he is better-suited to formally take the CEO role than anyone else. Providing this unique individual with a powerful incentive to remain with the company and to align his personal financial success with its shareholders is something an overwhelming majority of Apple shareholders would see as being in their best interest, and certainly worth its minimal potential dilutive effect.
Those offended by the extraordinary wealth this calculus can confer on the recipient (particularly in contrast to the average wage of Apple employees, or to that of workers in general), may be consoled by the realization that there are only a very few people in the world who have the requisite attributes to be accorded such opportunity and who also occupy a position where their performance can increase the aggregate wealth of those paying them by far more than they receive.
That's allot of money and his family will want for nothing...
except for their daddy to have been around when they were growing up!
There are always trade offs!
Being there for my girls everyday is what I placed the highest importance on in life.
I guess his kids and grandchildren will have it both ways due to his sacrifices! That's allot of money to pass down to his children!
except for their daddy to have been around when they were growing up!
There are always trade offs!
Being there for my girls everyday is what I placed the highest importance on in life.
I guess his kids and grandchildren will have it both ways due to his sacrifices! That's allot of money to pass down to his children!
what would i do with 58 millions bucks. a lot of things. have the best food in the world, raise the standard of livng in africa and be my own man. that would be cool
Will the "Cult of Apple" die with Jobs?
The "hype and ability to sell", and the cult-like devotion of some Apple fans to the man Jobs, does set Apple apart from almost any other organization (the "Church of Scientology" comes to mind as a parallel).
If The Tim isn't able to maintain the blind allegiance of the Jobs worshippers, Apple will stumble, and perhaps stumble hard.
If the sheep wake up and ask "Would I rather have it 2mm thinner, or twice the battery life" the cult will be done for.
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Not to hijack the thread, but Tim isn't "the marrying kind".
The "hype and ability to sell", and the cult-like devotion of some Apple fans to the man Jobs, does set Apple apart from almost any other organization (the "Church of Scientology" comes to mind as a parallel).
If The Tim isn't able to maintain the blind allegiance of the Jobs worshippers, Apple will stumble, and perhaps stumble hard.
If the sheep wake up and ask "Would I rather have it 2mm thinner, or twice the battery life" the cult will be done for.
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Not to hijack the thread, but Tim isn't "the marrying kind".
Ridiculous !!!
this country is making the super rich, so super rich, it's like their living on another planet. When I worked at apple as a scientist I was paid $45,000/year. I currently work for a start up because they pay me $55,000/ year, with just .00001 % of his bonus I could get out of my apartment and get a small house. What a joke ! a cruel cruel joke.
this country is making the super rich, so super rich, it's like their living on another planet. When I worked at apple as a scientist I was paid $45,000/year. I currently work for a start up because they pay me $55,000/ year, with just .00001 % of his bonus I could get out of my apartment and get a small house. What a joke ! a cruel cruel joke.