Apple's Tim Cook makes a lot of money but won’t be able to use it for years.
Most Apple fans might have wondered what it is like to be in charge of one of the most competitive and innovative companies in the world. Perhaps they dreamed about it being the perfect job...
Tim Cook has a lot of people wishing they were him, but how much does he actually make? It is worth it, when you think of the amount of pressure he is under? According to the New York Times, last year he was awarded $376.2 million worth of stock that expands over 10 years. And, you can add to that perks and bonuses that are worth $1.8 million. That sure seems to be a lot of money.
When you break it down, it appears that Cook made $1 million a day last year! However, hold your envy because there’s a catch. Apparently, he won’t actually be able to use the money for years, as the company policies require him to keep working for Apple for at least the next 10 years. The proxy statement made with the U.S. Securities and Exchange Commission states this rule clearly:
"Over the 10-year vesting period and not solely as compensation for 2011."
So the real numbers are quite different from what the average folk would expect. For example, from the $376.2 million of AAPL stock he was awarded in 2011, Cook did not see any of it.
Nevertheless, we shouldn't feel too sorry for him. He doesn't work for free after-all, and in fact, his salary amounted to $900,000 last year. Obviously, this is a massive pay check regardless of the stock options.
Other corporate personalities with huge salaries that made it to the New York Times list include Oracle Corp’s Larry Ellison who made $77.6 million and former Apple retail chief Ron Johnson who cashed in $53.3 million.
Source: Apple's Tim Cook awarded $378M in 2011, won't see most of it for years