Filed under: Apple Corporate, Apple Financial
Tim Cook gets $12.3M for watching Apple while Jobs was out
Apple COO Tim Cook has received $12.3 million in Apple stock for stepping in as CEO during Steve Jobs absence earlier this year. In 2007 and 2008 Cook earned stock awards worth $7 million and $6 million, respectively. This year for Tim closes with a $12.3 million stock award plus a $100,00 salary raise (up to $800,000 from $700,000) and a fat cash bonus of $800,000. Total compensation for 2009? $14 million.
Steve Jobs took his usual $1 salary and a $1 bonus. But don't worry, he's doing just fine with his 5.5 million shares of Apple (AAPL) stock, which closed Monday at another all-time high of $211.61 a share (that makes Steve's shares worth a cool $1,163,855,000).
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Reader Comments (Page 1 of 1)
Fernando said 10:27AM on 12-29-2009
Good for them... They actually deserve that money as they actually show results unlike the majority of the lackie CEO's out there.
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Damien K. said 10:35AM on 12-29-2009
No CEO deserves this kind of money.
Jay said 10:47AM on 12-29-2009
"No CEO deserves this kind of money. "
This person is responsible for a company that has 34,300 employees and who knows how many stock holders. He needs to keep the employees working so they can feed their families. He needs to increase the value of the company to the stock holders. He also needs to make sure the customers of the products are satisfied.
Imagine what it would be like if CEOs didn't get salaries like this. they could work a 9 - 5 job doing the minimum possible to get a pay check but if so, we wouldn't be talking I bet because we wouldn't have the computers we have, the internet wouldn't be what it is today and we both probably wouldn't have jobs.
I'm glad these people are compensated very well because without them, probably millions of people wouldn't be able to afford the rent.
Mr Lizard said 11:54AM on 12-29-2009
@ Damien,
How much does he deserve then?
jdechko said 12:25PM on 12-29-2009
And there are probably smaller companies who pay their execs more. When a company makes $1billion+ profit per quarter, I have no real issue with them paying their top-level executives for the work they do.
MacRumors said 12:45PM on 12-30-2009
No, it's because he developed the iSlate.
.
http://bit.ly/islatedemo
JT said 12:01PM on 12-29-2009
@ Jay,
Sigh, first off there are BIGGER companies who are doing well and the CEO's make less than this so I don't know what you are talking about.
The people that "started" the computer revolution did so out of garages and bedrooms, not CEO's and COO's.
Jobs' salary sort of shoots your whole argument down. 1 dollar salary. Yes he has stock options but so does Cook and look at his Salary. Jobs is proof that people who care about a company can help it do well regardless of salary.
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Jay said 3:15PM on 12-29-2009
@JT,
So how much should the salary for a CEO or COO be? Are you the one to decide for everyone? The CEO/COO make as much as the board wants them to make. They make enough to keep them motivated to do their job. For some people that is more or less than others. If they aren't making enough to keep them motivated, they will quit.
Who cares how they "started" the computer revolution? That is not relevant to the conversation.
No, Jobs salary does not shoot the argument down. He chose to take the $1 salary because he is worth billions. He gets free use of the company jet plus tons of other perks. Just because he decided that he doesn't need the big salary doesn't mean others don't.
It is very obvious that you don't understand capitalism.
jtb said 2:24PM on 12-29-2009
Reading this is quite ironic, considering what happened to me today.
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Vassilis said 4:03AM on 12-30-2009
it might also be the case that jt does understand capitalism, well enough to hate capitalism too.
who can blame him, there's no other sane response to it, once you understand it.
just like religion, or female circumcision. the only advantage of capitalism - in my book anyways - is that it is slightly more useful than the other two.
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Thoops said 12:30PM on 12-30-2009
700k to 800K base annual salary increase seems excessive. That's a 14% annual raise. Does everyone apple receive a 14% annual raise?
In my opinion the base salary should reflect the difficulties of the job and the % increase should reflect the accomplishment of the goals. It's no wonder people get pissed off seeing CEOs getting more compensation in base salary and % increase.
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big cocked man said 1:43PM on 12-30-2009
Do any of you read? The money isn't in the salary. It's not in the bonus. It's in the stock options. Steve Jobs earned OVER $500 MILLION DOLLARS in stock gains this year. That's what happens when you start a company and make it great. Tim Cook got another 61,500 shares of apple stock, who is even looking at the $800,000 salary? I'm 19 and I'm making over $100,000 this year, but lord knows I'm not worth 1/8 of Tim Cook.
When you build something great that people spend their money on, you will be rewarded. The risk takers and entrepreneurs are well compensated, as they spur innovation and create jobs for everyone else. Complain as you will, but these types of people pay your bills. Why do you care what they earn?
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