Apple’s new CEO Tim Cook is required by the Cupertino firm to lead the company for at least 10 year in exchange for a whopping 1 million Apple shares, which isn’t a bad signing on bonus. Steve Job’s successor will only be awarded the enormous amount of shares if he stays with the tech giant until 2021.
You may be wondering how much these shares are worth in cash. The million shares are worth approximately £250 million. Not a bad tradeoff for spending 10 years as the CEO of the biggest mobile phone manufacturer the world has ever seen. Cook will enjoy the maturity of half a million shares by 2016. The other half will be awarded to the new CEO in the end of his 10-year tenure.
Apple said to the US Securities and Exchange commission, “In connection with Mr. Cook’s appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units.”
The Apple stock value has increased by more than 6,000% ever since the former CEO, Steve Jobs, was reunited with the company back in 1997. This simply means that Cook will be neck-deep in money by 2021.
Speaking of shares, Steve Jobs, currently the new Chairman of the Board, owns a dizzying 5.5 million Apple shares. If cashed in, the monetary value would be worth approximately $2 billion. Jobs is literally swimming in a chunk-load of money.
Tim Cook, Apple’s new CEO, addressed Apple employees in regards to the departure of the company’s former CEO, Steve Jobs. In an email, the new CEO wrote:
I am looking forward to the amazing opportunity of serving as CEO of the most innovative company in the world. Joining Apple was the best decision I’ve ever made and it’s been the privilege of a lifetime to work for Apple and Steve for over 13 years. I share Steve’s optimism for Apple’s bright future.
Steve has been an incredible leader and mentor to me, as well as to the entire executive team and our amazing employees. We are really looking forward to Steve’s ongoing guidance and inspiration as our Chairman.
I want you to be confident that Apple is not going to change. I cherish and celebrate Apple’s unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that — it is in our DNA. We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do.
I love Apple and I am looking forward to diving into my new role. All of the incredible support from the Board, the executive team and many of you has been inspiring. I am confident our best years lie ahead of us and that together we will continue to make Apple the magical place that it is. Tim.”
Do think Tim Cook has what it takes to fill in a legend’s shoes? Let us know what you think.