If you have to fill in for Steve Jobs, you might as well be handsomely rewarded. That’s exactly what happened to Apple COO Timothy Cook, who received a $12.3 million stock bonus this year. The Silicon Alley Insider has the story:
Apple COO Timothy Cook ran the company brilliantly during CEO Steve Jobs’s six month medical leave this year and thanks to Apple’s surging stock price, he’s been duly rewarded for it, according to an Apple filing with the SEC.
After earning stock awards worth $7 million and $6 million in 2007 and 2008, respectively, Tim walks away from 2009 with a $12.3 million stock award to go along with a raised salary (up to $800,000 from $700,000) and a nice cash bonus of $800,000. Tim’s total 2009 compensation: $14 million.
As usual, Steve Jobs took a $1 salary and a $1 bonus. (His 5.5 million shares of Apple stock performed pretty well, though.)
Unlike Wall Street bonuses, Cook’s bonus sounds reasonable and deserved.