Ina recent report released by the Hay Group and Wall Street Journal, it was revealed that Apple’s current CEO, Tim Cook, is the highest paid CEO for financial year 2011. Wile his yearly salary remains a modest $0.90 per annum, he was given restricted stock options, 1 million shares in total, valued at $376.2 each at the time of his contract. In total the valuation of his full compensation for the year 2011 would be nearly $378 million!
However, there is a very strong caveat to this deal, in that he cannot sell half his shares until the year 2016, while the other half cannot be sold before 2012. That’s an unusually high nine year gap in total to see his compensation for 2011. Not such a bad thing all things considered, because currently his 1 million stock options is valued at $530 million.
“In its proxy statement, Apple said it viewed the shares as compensation for the next 10 years, and not solely for 2011,” wrote WSJ.