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.
Published in News
Cook and Apple sign ten year marriage deal
by Nick Farrell on29 August 2011
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Odd bonus package