Apple's Cook Gets $22 Million Bonus
Apple Inc. (AAPL) awarded Chief Operating Officer Timothy Cook a cash-and-stock bonus worth about $22 million for filling in while Steve Jobs, the consumer electronics giant’s chief executive, was on medical leave.
The bonus, disclosed in a regulatory filing Friday, gives Mr. Cook $5 million in cash and 75,000 restricted stock units, half of which will vest on March 10, 2011, and the other half on March 10, 2012. At Friday’s closing price, those shares would be worth a little more than $17 million.
The bonus comes as Apple launches one of its most important products in recent memory, the iPad tablet computer. On Friday, the Cupertino, Calif.-based company began accepting pre-orders for the iPad, which will serve as a media player, book reader and Web surfing device. The iPad, which has been the subject of intense media attention this year, will ship on April 3.
