Apple COO Paid $59M After Covering For Jobs

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.

Top 10 Apple Stories Of 2010

Jobs' illness in 2009 brought to the forefront questions of his succession, should he ever have to suddenly leave the company. Shareholders are scheduled to vote during Apple's annual meeting Feb. 23 on a proposal to make public the company's succession plans for Jobs, the documents say. The proposal by the Central Laborers' Pension Fund of Jacksonville, Ill., would have Apple's board adopt a written policy to ensure a smooth transition, if Jobs was to leave.

Apple is recommending against public disclosure of succession plans, saying it is unnecessary, given that the company already updates such plans every year privately for the CEO and other key executives. In addition, public disclosure of potential successors to the CEO could lead to executives who are not listed leaving the company for other jobs. Competitors could also use the information to recruit "high-value executives," the company says.

The question of Jobs' successor is so important because he has been so pivotal to the company's success. The Apple board ousted the tech icon in 1985, only to bring him back a dozen years later to revive a failing company. Jobs did so with such innovations as the iPod and iPhone and redesigned Mac computers.

Chief Financial Officer Peter Oppenheimer received $29.8 million in compensation last fiscal year. The amount included a salary of $700,000 and a stock award valued at $28.4 million. Oppenheimer received a total of $1.4 million the year before.

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