Thursday, January 12, 2012

Apple's Tim Cook could top CEO pay list in '11

Tim Cook could well end up being the highest paid CEO in America in 2011, after Apple Inc. granted him a million restricted stock units last August for taking the reins shortly before cofounder Steve Jobs died.

An Associated Press review of a securities filing shows Cook's pay package was valued at $378 million. The vast majority came in a grant of a million restricted stock units worth $376 million at the time. Half of the stock units will vest in August 2016, the other half in August 2021.

His salary and performance bonus, about $900,000 each, made up the rest.

In comparison, Jobs took $1 annual salary for years and owned about 5.5 million shares, worth about $2.3 billion today.

Cook's restricted shares are now worth $422 million.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.msnbc.msn.com/id/45935345/ns/business-us_business/

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