Apple CEO Tim Cook to be given near $400m pay packet

Hefty pay scheme awarded to Steve Jobs' replacement to secure his future at Apple

Steve Jobs' replacement as Apple CEO Tim Cook is to be awarded nearly $400 million to ensure his future at the Cupertino based iPad maker

Newly appointed Apple CEO Tim Cook is to be awarded a near $400 million payout for his services to the Cupertino based tech giant putting him atop the US executives pay league.

Successor to the late Steve Jobs, Cook is said to have been offered $378 million (£244 million) in cash and stock options to keep him tied to the iPod, iPhone and iPad maker for the next decade.

Whilst Jobs was paid just $5 by Apple in the final years of his time with the company he co-founded, instead opting for stock options, Cook, who was paid a $900,017 salary in 2011 atop a further $900,000 from incentive schemes, is to be awarded 1 million Apple shares to secure his services until at least 2021.

Offered the shares on August 24th 2011 when he took control as CEO of Apple, the 1 million Apple shares, which were worth $376 million at the time have since risen is value to a staggering $550 million.

Apple, the world’s leading tech manufacturer and briefly the world’s most valuable company, will pay Cook’s stock benefits in two halves with the first instalment coming in 2016. The second will be presented at the end of his ten year tenure in 2021.

Can Tim Cook maintain the winning formula Steve Jobs instilled into Apple when launching the iPod, iPhone, iPad and relaunching the Mac? Let us know what you think via the comments box below.

Via: TheGuardian