CXO

Apple's new CEO Tim Cook gets $384m golden handcuffs

Just 10 years to wait first...
Apple's new CEO Tim Cook has just got a hefty incentive to stay on at the company.

Should he keep working with Apple for the next ten years, he'll be rewarded with one million Apple shares – worth around $384m based on today's share price.

According to an 8-K filing made by Apple with the US Securities and Exchange Commission on Friday, "in connection with Mr Cook's appointment as chief executive officer," the board decided to award him the one million shares.

Steve Jobs and Tim Cook

Apple CEOs past and present: Steve Jobs and Tim CookPhoto: James Martin CNET

Half of the shares are due to vest on 24 August 2016, with the other half vesting on the same date in 2021.

Cook was appointed CEO of Apple on 24 August this year, taking over from long time chief exec Steve Jobs, who co-founded the company in the early 1970s.

Jobs regularly eschewed drawing a salary during his time at Apple – aside from a token $1 annual wage - preferring instead to be paid in shares.

Opting for an uncommon remuneration practice has certainly paid off for Jobs – since he returned to head the company for the second time in 1997, Apple's share price has risen handsomely – from around $5.50 at the time of his appointment to around $383.58 today.

About

Jo Best has been covering IT for the best part of a decade for publications including silicon.com, Guardian Government Computing and ZDNet in both London and Sydney.

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