Apple’s board of directors last Friday moved to lock in new CEO Tim Cook through 2021 by awarding him 1 million shares of the company’s stock, reports Computerworld. At Friday’s closing price, the shares would be worth over $383 million.
“In connection with Mr. Cook’s appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units,” Apple said in a filingwith the U.S. Securities and Exchange Commission.
Cook, who is 50, will receive half of the 1 million “restricted stock units,” in August 2015 and the second half in August 2021, only if he is still employed by the company at both of those times.
Apple’s SEC filing also noted that former CEO Steve Jobs had resigned, but would continue as an Apple employee; that Jobs was named chairman of the board of directors; and that Cook has been promoted to CEO from chief operating officer.
Cook, who is also a director on the board of Nike, has worked at Apple since 1998.
