Apple's COO Gets $22 Million Bonus
CUPERTINO, Calif. (
) --
Apple
(AAPL) - Get Report
awarded Tim Cook, its chief operating officer, a bonus worth $22 million for filling in for CEO Steve Jobs last year.
A regulatory filing late Friday said the company's board awarded Cook $5 million 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."
Jobs went on leave in January 2009 to have a liver transplant. He returned to head the company in June.
Given Apple shares closing level Friday of $226.60, the restricted stock units have a current value of nearly $17 million.
Half of the restricted stock units are scheduled to vest on March 10, 2011, and the other half on March 10, 2012. To receive them, Cook must still be employed by the company.
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This article was written by a staff member of TheStreet.com.
