According to the proxy statement Apple filed Monday, new CEO Tim Cook was paid a salary of US$900,017 in 2011. The company also contributed $14,700 to his 401(K) account and paid life-insurance premiums worth $1,820.
Cook was also granted one million restricted stock units as a “promotion and retention award.” On paper, the shares were worth more than $376 million when the grant was made.
However, as noted by “CNNMoney” in 2011, they were worthless. Half of them will vest in 2016, five years after they were granted. The other half will vest in 2021 — “subject to Mr. Cook’s continued employment with the Company.” Read more at http://tech.fortune.cnn.com/2012/01/10/apple-ceo-tim-cook-didnt-really-make-378-million-in-2011/ .