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New Apple CEO has £240 million pay package

February 03, 2012 By: Dr Search Principal Consultant at the Search Clinic Category: Apple, Computers, Technology Companies, Uncategorized

Apple new CEO Tim Cook has been  given a pay package worth £240 million ($378 million) in 2011, most of which came in shares payable in the coming years.New Apple CEO has £240 million pay packageApple’s board granted Mr Cook 1 million restricted stock units, worth $376m, to signal its confidence in him when he took over from Steve Jobs in August.

His salary and performance bonus, about £540,000 ($900,000) each, made up the rest, a company filing showed.

Mr Jobs, who died in October, owned 5.5 million Apple shares.

He famously received a salary of only $1 a year.

Mr Cook will receive half of the shares in 2016 and half in 2021.

Analysts expect the Apple chief to have been the highest paid chief executive in the US in 2011.

The best paid boss in 2010 was Viacom head Philippe Dauman, with an £54.5 million ($84.5 million) haul based on a new contract that granted him shares and stock options.

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