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TIM COOK HAD big shoes to fill when he took over from Steve Jobs as the boss of Apple – but he’ll be well paid to wear them.
The new chief has been given a $378million pay packet, the equivalent of €295million, making him likely to become the highest-paid CEO in the States.
Most of the money – $376million – is made up of a million restricted stock units handed to Cook by Apple when he took over from an ailing Steve Jobs last August. This isn’t quite string-free – he can’t cash in on the stocks until 2016, and another tranche in 2021, and must remain with the company until then, the Guardian reports.
But the 51-year-old also receives a €900,000 annual salary.
News of the deal has set the media – and Silicon Valley – buzzing as to whether the pay packet is unreasonably large. Wall Street Journal blogger Ronald Barusch points out that the shares have no performance benchmarks before they are claimed – so all Cook has to do is avoid being fired, and he’s in the money.
But Reuters columnist Robert Cyran notes that Apple have a history of generosity to their leaders. In 2000, Steve Jobs was given 20million share options – and a $90million Gulfstream jet to sweeten the deal.
- Additional reporting from AP
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Not to worry, the Queen and Obama’s visit should kick extra tourism into gear any time now.. Lol
These figures and a decline in exports are the start of a further decline in economic activity.
The next Exchequer returns for the jan mar period will see a reduction in spend thus proving austerity is forcing the economy into a depression.
This allied to a budget taking 3.5 billion
out will lead to a bleak 2011/12
Part of the decrease may have to do with a slowdown in emigration also.
Please tell me you mean immigration Noel? ;)
What? People AREN’T going on holidays in the winter?
And partly the impact of circa 15 flights in and 15 flights out of the Galway Airport that are no more
The useless DAA should sell the old terminal building in Cork airport to Ryanair. Let them make a regional hub out of it like they wanted to do when the new one opened and then we’ll see the numbers rise…at the moment its just sitting there empty…lateral thinking is needed.
The decline in movements doesn’t necessarily correspond to passenger decline.
The Cork decline looks bad, but amounts to 6 movements a day. Then you look at what those movements were.
The Manx2 flight to Belfast, which was canned after the crash, accounted for 4 of them, yet the plane only had a capacity of 19 and usually carried 10-15 people.
Also gone are the Air SouthWest flights to Newquay and Plymouth after the airline ceased operating. Their aircraft would have been the same size that Aer Arann use.
And then there seem to be fewer ski charters.
Passenger numbers are only down by 2%, despite the large fall in flight movements.
These figures refer to number of flights – not necessarily the number of passengers. Airlines may be running less flights with higher passenger loads, or bigger aircraft.
have your say