NEW YORK ( TheStreet) - Apple ( AAPL) values Tim Cook's services dearly, and yesterday, the whole world saw how much the company rates him, to the tune of $378 million. Apple released a proxy statement yesterday with compensation packages for Cook, and other executives. Cook received $900,000 in base salary for 2011 and $376,180,000 in restricted stock units (RSU) that will vest in five and ten years. Cook was granted 1 million RSU's at the time he took over for Steve Jobs in August, valued at $376.18 per share. 50% of the award will vest on Aug. 24, 2016, and the other 50% will vest on Aug. 24, 2021. His 401K also rose by $14,700 and a life insurance premium of $1,820 accounted for the rest of his 2011 compensation.
Cook has already proved his worth to Apple, with the share price hitting an all-time high yesterday, before closing slightly below it. At the time of his death, Steve Jobs owned 5.5 million shares of Apple, and received $1 per year in compensation. The board of directors did not use a "formula or peer group 'benchmark''" in determining Cook's RSU award, but rather the Board's judgement, input received from Jobs, and how the board assessed Cook while he ran the company with Jobs away on medical leave. Interested in more on Apple? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
|Apple CEO Tim Cook received $378 million in compensation last year|