Apple’s Tim Cook required to serve as CEO for 10 years in exchange for 1 million Apple shares
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.
