Apple’s 2012 proxy statement, which the company released on Monday, shows that CEO Tim Cook’s 2011 compensation is US$900,000 base salary plus $376.2 million worth of restricted stock that vests over a 10-year period. The restricted stock consists of one million shares awarded last August 24 at $376.18 each, which was the closing price that day.
The proxy statement notes that Mr. Cook’s compensation was determined based on the Apple Board of Directors’ assessment of him, with input from late ex-CEO Steve Jobs. The statement also says: “The Board also took into account the 10-year vesting period of the award, the importance of retaining Mr. Cook, and the opportunities Mr. Cook would likely have if he were to seek other employment. Finally, the Board considered the value of Mr. Cook’s existing equity awards that are scheduled to vest in 2012 and 2014 to encourage his short-term retention.”
Mr. Jobs’ salary remained at $1 in 2011, as it did since his return to Apple in 1997, and he held 5.5 million shares of the company’s stock last year. He sold none, and he had no unvested equity awards.
Bloomberg noted other Apple executives who were also awarded stock last year: “In November, software executive Scott Forstall, hardware manager Bob Mansfield, Chief Financial Officer Peter Oppenheimer, marketing chief Phil Schiller, General Counsel Bruce Sewell and operation manager Jeff Williams each received 150,000 restricted shares, which vest between 2013 and 2016, according to regulatory filings.
“Eddy Cue, who handles Internet software, received 100,000 shares after having received another 100,000 when he was promoted to senior vice president last year.”