New Apple CEO Tim Cook Awarded 1 Million Shares of Stock
Apple is already the largest company on earth in terms of stock valuation, having exceeded that of oil giant Exxon Mobil, as of the end of today’s trading day. With the resignation of Steve Jobs, new CEO Tim Cook has been rewarded 1 million shares of Apple stock, as revealed in a form 8-K filing with the SEC.
This filing noted the recent changes in Apple’s corporate structure to investors, and also disclosed an interesting bonus award of stock shares to Tim Cook:
In connection with Mr. Cook’s appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units. Fifty percent of the restricted stock units are scheduled to vest on each of August 24, 2016 and August 24, 2021, subject to Mr. Cook’s continued employment with Apple through each such date.
In this case, Tim Cook will receive half the shares by 2016, and the remaining half million when August 2021 rolls around. These restricted stocks are implemented to provide incentive for Cook to stick around with Apple for the next decade in order to get paid.
Given Apple’s strong stock performance, and dominance of mobile markets, I don’t think Tim will be going anywhere for a while.