Apple COO gets $22 mn reward as Jobs stand-in

[ChromeFoundry]

Source: Reuters

14 Mar 2010, 0231 hrs IST, REUTERS

SAN FRANCISCO: Apple Inc has awarded its chief operating officer a bonus valued at $22 million for leading the company while Chief Executive Steve Jobs was on 6-months' medical leave last year.

The cash-and-stock award came at Jobs' recommendation, and was made in recognition of Tim Cook's "outstanding performance in assuming the day-to-day operations" at Apple while Jobs was out, the company said in a filing on Friday with the U.S. Securities and Exchange Commission.

Many analysts and investors believe Cook could one day succeed Jobs as CEO at Apple, although the company has never disclosed any succession plan.

Cook received a $5 million bonus plus restricted stock award worth roughly $17 million, based on Apple's closing share price of $226.60 Friday. Half of the stock is scheduled to vest on March 10, 2011, and the other half on March 10, 2012, as long as Cook stays with Apple through those dates.



Read more: http://economictimes.indiatimes.com/articleshow/5681219.cms

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Wow....Must be nice.

[OhioChick]

1. Utterly pathetic. Gave it a rec, but it's gone. n/t

[naaman fletcher]

11. I'm going to unrec, for complaining about recs

I'm sick of all the threads degenerating into arguments about why some freeper un-recce'd them. If you complain, I unrec you.

[LanternWaste]

16. That'll sure show 'em...

That'll sure show 'em...

[OhioChick]

17. If you can unrec today....after 2 days.....you rock! n/t

[naaman fletcher]

18. yeah it wouldn't let me..

but I did in spirit.

[OhioChick]

19. I'm happy for you, man!

:toast:

[quiet.american]

2. As I'm typing this on a Mac, with my iPod synching at the moment, can't say I begrudge him. nt

[onehandle]

3. Apple made billions while he was at the helm. Bank CEOs got a LOT more and lost trillions. nt

[dionysus]

4. am i supposed to be outraged? i'd rather have someone at Apple making that instead of an insurance

CEO or hedge fund manager...

:shrug:

[WriteDown]

5. Anyone who can figure out how to use Chinese labor so effectively....

Should be rewarded big time.

[warm regards]

12. Yes, people who don't sit around waiting for someone else to "do it,"

are well rewarded.

(If they don't, someone else will)

[Amerigo Vespucci]

6. Big difference between Apple and a bailed-out bank

People remotely familiar with my posts know I'm not the world's biggest Apple fanboy, mainly because I worked there during the John Scully years, when the place was filled with spoiled, whining yuppie crybabies pissing and moaning over how they weren't getting free stuff anymore.

But in the iPod and iPhone years, credit where credit is due. Apple performed. Executives in companies that perform get bonuses. Did the math, verdict not guilty.

:patriot:

[alfredo]

14. Tim Cook could be the New CEO when Jobs leaves, so they

have to treat him good just to keep him there.

Here's an interesting hire:

http://blogs.computerworld.com/15750/apple_hires_senior_prototype_engineer_for_work_on_wearable_computers


DeVaul will be working under Jonny Ive in a secret lab focused on wearable computing technology where only seven people besides Ive and CEO Steve Jobs know what he is doing.

[HysteryDiagnosis]

7. Mebbe he could buy a few pair of shoes for the kids doing the slave

labor that net him his well deserved money.

[Elwood P Dowd]

8. Maybe Microsoft, HP, IBM, Sony, and all the other computer companies who use

the exact same labor could do the same. They won't even admit what's going on in those factories. You are probably typing on a keyboard made in one of those factories.

[HysteryDiagnosis]

9. I'm using an abacus thank you very much. n/t

[Blandocyte]

10. I would've done it for 2 million

damn wastrels. Steve: Call me next time.

[LanternWaste]

13. Nice work if you can get it...

Nice work if you can get it... :shrug:

[DemoTex]

15. Send him to Microsoft. If he can straighten out Windows, bonus him $50 MIL!

Microsoft: Never have so many paid so much for so little.