Tech content trusted by users in North America and around the world
5,688 Reviews & Articles | 36,222 News Posts
Weekly Giveaway: Fractal Design Arc Cases Contest (Global Entry!)

Apple CEO Tim Cook declines huge pay check, declines $75 million in stock dividends

Apple CEO Tim Cook declines $75 million payout in stock dividends

| Business, Financial & Legal News | Posted: May 29, 2012 1:29 am

Would you decline $75 million? Heck, $75 for free wouldn't be too bad these days. On the flip side, Apple CEO Tim "Good Guy" Cook has declined a $75 million payout in restricted stock dividends owed to him. Yes, declined.


TweakTown image news/2/4/24347_01_apple_ceo_tim_cook_declines_huge_pay_check_declines_75_million_in_stock_dividends.jpg


Apple announced plans last week where they would pay a $2.65 per share dividend on restricted stocks held by Apple employees. This is rare for a company to reward its employee stockholders like this, and even more strange for a high level executive to decline the money they are entitled to.


But, it's not all bad. AllThingsD reports that this could actually benefit both the company, and Cook in the long run. This move gets positive press for not just Apple, but Cook, which could, and most likely will, translate into more stocks sold. It also shows the kind of person Cook is, in this world of increasingly greedy CEOs and executives.


Then again, Cook is already rolling in cash compared to the normal everyday person: earning a reported $58 million in 2010 with a base salary of 'just' $800,000, a $5 million bonus and $52 million in stock for fulfilling CEO duties whilst the late Steve Jobs was away for health reasons back in 2009. Thought that was good? Well, put a towel down on the floor because your jaw is about to hit it.


Apple offered Cook 1 million restricted shares of company stock in August 2011 in order to keep him on until 2021. The shares were split into two 500,000 bundles that vest in 2016 and 2021. Based on current stock prices, this nets Cook $562 million, but with some analysts pegging the company to hit and pass $1,000 per share, this will only increase.


Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below