Apple gives CEO $376m of stock as ‘retention tool’

TIM COOK could end up being the highest paid chief executive in the US in 2011 after Apple granted him a million restricted stock units last August for taking the reins shortly before co-founder Steve Jobs died.

A review of a securities filing shows Cook’s pay package was valued at $378 million (€295m). The vast majority came in a grant of a million restricted stock units worth $376m at the time. Half of the stock units will be paid in August 2016, with the rest paid in August 2021.

His salary and perform-ance bonus, about $900,000 each, made up much of the rest. He also made $16,520 from company contributions to a $401,000 retirement account and company-paid life insurance premiums.