Tim Cook, the chief executive officer of Apple Inc, received a stock award, which is approximately worth of $400 million. Till date, it is the largest amount given out by an organization. The concerned organization took this step to state in a subtle way to the world that it trusts Cook completely and is confident about his work caliber.
According to Aaron Boyd, the Head of Research at the Equilar, “As far as a singular award, we haven’t seen anything this large in a long time,”
The stock award that comes close to it is the stock package of 2000, which was given out by Apple to Steve Jobs. This award had to itself 40 million options. All these 40 million options were valued at a worth of $600 million according to Boyd.
Jobs, was casted out from Apple in the middle of the 1980’s. However, he made a re-entry to the same company in the year 1997. With his sincere efforts, Apple emerged to be one of the top companies in the world of technology, with the launch of a series of advanced devices, such as the iPhone, iPod and the iPad.
Jobs was the owner of 5.5 million Apple shares. Jobs died on the 5th of October, this year.
Apple stated that “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,”. Thus according to Apple, it was a step taken, for the purpose of promotion as well as retention of Cook
Regarding the Apple’s shares, it can be stated that it was responsible for the closing of the Monday’s session of trading at a reduced 67 cents at $421.73. Although in the early Monday session, it attained a great high with $427.75.