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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
It’s for Apple shareholders and directors to decide. If they are happy, it will not change.
thats the thing, i dont care what private business pay themselves, its their loss if they lose money, I only care what a public company pays their staff, because that has an impact on my life.
And to think, Steve Jobs did it for free.
Steve Jobs did it for $1 a year :)
http://articles.businessinsider.com/2010-01-15/tech/30017317_1_apple-stock-apple-shares-steve-jobs
And a jet… :) and hell lot of stock … :)
This is sensationalist nonsense. See this article on CNN: http://tech.fortune.cnn.com/2012/01/10/apple-ceo-tim-cook-didnt-really-make-378-million-in-2011/
Pretty much what the journal said.
No pretentious subsidised American Corporation or there management has earned money in Ireland.
The Irish People have been forced to subsidise these pretetious management and ireland has been asset stripped in the process.
The evaluation should be on the basis of customers. How much would he earn if the did business with customers only and paid proper taxes.
Can you expand on how Apple has ‘asset stripped’ Ireland?
I fundamentally disagree with the absurdity of corporate salaries, but Apple is almost uniquely a personality- driven brand (whoever bought MS products because of what Bill Gates brought to their image?), and you have to admit that in the context of over $100 billion annual revenue, even this ridiculous CEO package barely registers,
@Steve Herron: By your own admission you accept that the Irish can work for pretentious American Corporations and not compete with them.
Life could be very different if the Irish People managed to secure the European Funds and not Americans.
In terms of law you cannot keep the Irish People in servitude for ever. It is inevitable that the Americans will go some day and what will be left behind. Under skilled people who cannot manufacture their own products.
@LoyalIrishCitizen What are you doing to create and compete on a global IT level?
@Stephen Johnston: Subsidies, tax breaks, expense accounts, non domicile rules. Effectively, successive so called Irish Governments have pumped huge amounts of resources into these corporations and nobody is keeping proper accounts.
If companies manufacture a product they do so to sell to customers. With politicians financing them so much they do not need customers. Customers become a bonus as opposed to being essential. Its a lot easier to get money from politicians, it reduces the work load.
If pretentious American Corporations had to pay there own way there income would be vastly reduced allowing Irish Politicians to be loyal for once and keep the money in the country to invest in the Irish People.
@Tom Neville: Did you miss the point about subsidising these corporations?
If you give the money to Americans what do you expect the Irish to do?
Um, no. Whether you like Apple or not, there’s no basis for saying that the company has somehow damaged the Irish economy. Or do you know something we don’t? Has NAMA moved into buying unsold iPads? Apple make a product, and then do their best to generate a demand for that product. No one’s forced to buy. No one’s forced to subsidise the company.
“nobody is keeping proper accounts” …. “they have asset stripped us” ….. “the irish people are in servitude” …… Could you please back up all of your outrageous statements with some sort of evidence or facts??
Also, last time I checked, working for a company in exchange for a good salary is not ‘servitude’…. its called a job. Jobs which we need desperately at the moment. You give out about people causing Irish job losses, and now you’re giving out about the very people who provide jobs for the Irish.
Don’t refer to the employees in Cork as ” Under skilled people “…. unless of course you can tell us what they do compared to their counterparts in similar jobs? Referring to them as Under-skilled is offensive and condescending and a complete untruth. You have completely undermined your entire argument by demonstrating your own ignorance.
Next time you decide to go on a ridiculous rant, full of unsupported claims, could you please learn the difference between “their’ and “there” . It makes your tripe even more difficult to read.
@Michael Russell and John Conniffe: They don’t keep proper accounts when committing crimes. It is unlikely that anybody will ever find out how much free money Irish Politicians gave to these pretentious corporations.
In time if we get a court system that works then the truth might come out.
some of our broadcasters earn as much!
Two chickens and a sheaf of wheat?
I love my Mac and MacBook. As i look at a beech ball spin I feel we pay way more than pic owners just to subsidise this guys salary.
Then the solution is to not buy an Apple product.
:)
Looks like the spellchecker isn’t working either. :)
This
I think he’ll have his work cut out for him earning his 300million, he’s huge boots to fill and if things start to go wrong his options will be worth a whole lot less . Apple have a lot of products to revamp this year alone.
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