Apple COO Paid $59M After Covering For Jobs - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Infrastructure // PC & Servers

Apple COO Paid $59M After Covering For Jobs

CEO Steve Jobs received his usual $1 annual salary, while Chief Operating Officer Timothy Cook received $59.1 million in total compensation last year, according to an SEC filing.

Top 10 Apple Stories Of 2010
(click image for larger view)
Slideshow: Top 10 Apple Stories Of 2010

Apple chief operating officer Timothy Cook received $59.1 million in compensation during the 2010 fiscal year, including a $5 million bonus for steering the company while chief executive Steve Jobs was on medical leave in 2009.

Jobs received the same $1 annual salary he has received since returning to Apple in 1997, according to regulatory documents filed Friday with the Securities and Exchange Commission. Jobs owns 5.5 million shares of Apple and has not sold any stock since rejoining the company.

Apple handed Cook a $5 million bonus for the fiscal year that ended September 2010 for his "outstanding performance" in running the day-to-day operations during Jobs' six month medical leave, the proxy statement said. During that time, Jobs underwent a liver transplant that was the side effect of pancreatic cancer he had removed in 2004.

Analysts and investors praised Cook's work in Jobs' absence, saying the company ran smoothly under his leadership. Upon Jobs' return, he recommended that Cook be rewarded for his work and the additional responsibilities he held as temporary CEO.

Cook's total compensation for the last fiscal year also included a salary of $800,000 and a stock award valued at $52.3 million. His salary during the current fiscal year is $900,000. In the 2009 fiscal year, Cook was paid a total of $1.6 million.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
1 of 2
Comment  | 
Print  | 
More Insights
10 Ways to Transition Traditional IT Talent to Cloud Talent
Lisa Morgan, Freelance Writer,  11/23/2020
What Comes Next for the COVID-19 Computing Consortium
Joao-Pierre S. Ruth, Senior Writer,  11/24/2020
Top 10 Data and Analytics Trends for 2021
Jessica Davis, Senior Editor, Enterprise Apps,  11/13/2020
White Papers
Register for InformationWeek Newsletters
Current Issue
Why Chatbots Are So Popular Right Now
In this IT Trend Report, you will learn more about why chatbots are gaining traction within businesses, particularly while a pandemic is impacting the world.
Flash Poll