Apple CEO received stock award worth $376 million

January 18th, 2012 by James

Apple CEO received stock award worth $376 millionTim Cook, the chief executive of Apple Inc, received a one-time stock award worth nearly $400 million, the largest given by a company in a decade.

Board of the company granted Cook 1 million restricted stock units (RSUs) to signal its confidence in Cook. The company said in a Monday proxy filing that the stock award was worth more than $376 million, based on the closing price of Apple’s shares on August 24, 2011.

“As far as a singular award, we haven’t seen anything this large in a long time,” said Aaron Boyd, head of research at Equilar, an executive compensation data firm.

“The Board views his retention as CEO as critical to the Company’s success and smooth leadership transition. The RSU award is intended as a long-term retention incentive,” Apple said in its statement.

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