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Monday, 29 August 2011 12:07

Cook and Apple sign ten year marriage deal

Written by Nick Farell

Odd bonus package
Steve Jobs' annointed successor Tim Cook will get a massive financial windfall in his new role as Apple CEO. However the terms of his bonus package are a bit odd. He has been given a nine-figure bonus package to handcuff him to the company for a jolly long time.

Apple has given Cook a million shares of restricted stock as he takes over the reins of the company from Steve Jobs. At current prices, the stock package is worth more than $US383 million ($366 million).

But apparently he will not get it all for at least ten years. Half of the award vests over five years, and the other half five years after that.

What Apple seem to want is for Cook to be as loyal as Steve was to the outfit. However it is unusual for a company to say that it will stick to its CEO even if he is crap for a decade. Meanwhile the tame Apple Press continues to talk up Apple's share price claiming that it will be hit $477 next year and talking about which small country Cook could buy.

But others are more sceptical saying that Cook will  need to do more than just bring out a thinner iPad or iPhone to truly match former chief executive and co-founder Steve Jobs's visionary qualities. Still, St. Peter had the same problem following up Jesus. He lost a lot of ground to St. Paul and was eventually replaced.

Nick Farell

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+1 #1 Alterecho 2011-08-29 13:37
Can you please be elaborate with description of numbers?
Like 1million = 1,000,000.

I seem to keep loosing track of what i learnt of numbers with all these peta byte hard drives and 6 figured salaries like that of Rory Reed's and others.
+2 #2 dicobalt 2011-08-29 14:20
Cook is going to be the one to finally kill off Apple computers. He will push iPhones and iPads so much that the Apple PC will be neglected to the point of being impractical even for consumer applications. When the tablet bubble pops and all phones become smartphones Apple is going to have a real problem on its hands.
+1 #3 fteoath64 2011-08-29 14:59
At the rate Apple is going, Cook just need to maintain status quo and he will be fine for a decade. Unlike the old days of Apple needing cash, they have more billions in stash and is unlikely to spend like your US military or else they have to sell ipads to space aliens!. Not that space aliens need iPads, they have much fun throwing these as Frisbees.
+1 #4 JAB Creations 2011-08-29 17:01
Apple wants Cook to be the next Jobs, simple as that and it's obvious otherwise the contract wouldn't be for ten years.

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