Cook’s deal was revealed in an SEC filing released on Friday. Cook will serve both as chief executive with a member of Apple’s board.
Particularly, Apple granted Cook 1 million limited stock units. Near $383.58, the cash price of Cook’s compensation would be over $383 million. Cook by now received a salary last year of $800,000 plus a bonus of $900,000 for serving as Apple’s chief operating officer.
Half of his Cook’s new stock grant will vest in August 2016, and half will vest five years later, in August 2021.
Apple said, “Mr. Cook brings to the Board extensive executive leadership experience in the technology industry, including the management of worldwide operations, sales, service and support.”
Cook might carry a heavy trouble after being called chief executive of Apple, an iconic company with a devoted following that expects not only perfection, but magic. Marshall Goldsmith, the author of What Got You Here Won’t Get You There, and 23 other books, and a columnist for the Hardvard Business Web site said, “His problems are not that something’s wrong with him. His problems are that he’s replacing an icon.”
Cook wrote, “I want you to be confident that Apple is not going to change. I cherish and celebrate Apple’s unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that—it is in our DNA. We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do.”