Tim Cook receives $5 million bonus from Apple

Fri, Mar 12, 2010


Tim Cook, Apple’s reserved and multi-talented COO, is one of Apple’s most important executives. Steve Jobs has said during legal proceedings that Cook is one of Apple’s most valued employees, and it is Cook who Jobs has left in charge of Apple when Jobs has needed to take some time off to attend to medical issues.

Apple today filed a Form 8-K with the SEC wherein it noted that Cook was the recipient of a $5 million bonus from Apple in addition to receiving over 75,000 in Apple stock, in large part due to the masterful job he did in keeping Apple’s trajectory on course while Jobs was away.

On March 10, 2010, the Compensation Committee of the Board of Directors of Apple Inc. (the “Company”) unanimously approved a recommendation by Steve Jobs, the Company’s CEO, to award Timothy D. Cook, the Company’s Chief Operating Officer, a one-time discretionary bonus of $5,000,000 and 75,000 restricted stock units in recognition of his outstanding performance in assuming the day-to-day operations of the Company for the period in fiscal 2009 during which Mr. Jobs was on medical leave of absence.

Fifty percent of the restricted stock units are scheduled to vest on each of March 10, 2011 and March 10, 2012, subject to Mr. Cook’s continued employment with the Company through that date.

Over the past few months, Tim Cook has stepped further into the public eye not only because of his on-and-off again position as Apple’s interim CEO, but also due to his insightful and sometimes blunt statements made at Q&A sessions during earnings conference calls. Cook, for example, has long stated in specific detail why Apple wasn’t interested in getting into the netbook market, and has provided a rare glimpse into the mindset of Apple’s notoriously private executive team.

Related: Tim Cook opines on a plethora of Apple issues


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