Apple CEO’s Stock Awards Lift Compensation to $378 Million
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Apple Inc. Chief Executive Officer Tim Cook will receive compensation for 2011 worth $378 million, one of the biggest pay packages on record, boosted by restricted stock awards that he’ll receive over the coming decade.
The total includes $376.2 million in shares, half of which will vest in five years and the remaining amount in 10 years, Cupertino, California-based Apple said yesterday in a proxy filing to shareholders. Cook’s base salary was $900,000 in 2011. The company, which plans to hold its annual shareholder meeting on Feb. 23, had disclosed that Cook received the 1 million restricted shares in August.