LOS ANGELES?? 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 This material may not be published, broadcast, rewritten or redistributed.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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