The new CEO who had stepped in to the shoes of the late Steve Jobs who was the founder of Apple will shortly be the highest paid CEO in America as per the recent findings of media. According to a report analyzed by the Associated Press, Tim Cook's pay package was valued at $378million (£244m).
It may be noted that comparatively Mr. Jobs was predominantly a popular figure globally and was paid just $5 in the last years of his life. But the present CEO, who is less popular out of Silicon Valley, seems to be better, in earnings.
As per analysis, Mr. Cook took home $900,017 in salary during 2011 and a further $900,000 in cash from an incentive scheme. But the bulk of his earnings will come from a windfall award of 1m Apple shares that tie him to the company for the next decade. On 24 August last year, to mark his promotion when Jobs retired, Cook was given stock then worth $376m, half of which will be handed over in 2016 and half in 2021.
This was his initial assurance as soon as he had taken over the shoes of the former. “I want you to be confident that Apple is not going to change. I cherish and celebrate Apple’s unique principles and values,” Cook wrote in the email, which has been verified as authentic by Ars Technica. “Steve built a company and culture that is unlike any other in the world and we are going to stay true to that—it is in our DNA. We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do.”