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Steve Jobs' Salary Was $1, But What About Tim Cook?

By - Source: Tom's Hardware US | B 52 comments

Tim Cook's 2010 compensation package amounted to just under $60 million.

With news that Apple CEO Steve Jobs is stepping down, all eyes are on his replacement Tim Cook, who has promised staff that things won't change just because Steve is gone. However, one thing that is likely to change is the CEO's salary. While Steve Jobs has earned just $1 per year (don't worry, Mr Jobs has approximately 5.5 million Apple shares, he's not starving), Tim Cook's salary for 2010 was significantly more.

According to Forbes.com, Tim Cook's compensation for last year was a little over $59 million. His actual base salary was $800,016, but he received a $5,000,000 bonus, $52,334,250 in restricted stock awards, $58,306 that's marked under 'all other compensation,' and $900,000 via non-equity incentive plan compensation. All of this adds up to a grand total of $59,092,572. In January, AppleInsider reported that that $5 million bonus was a "special award" to recognize Cook's "outstanding performance" in overseeing the company's day-to-day operations during Jobs' 2009 medical leave of absence. He was also given 75,000 restricted shares of AAPL stock for his troubles.

It's not yet known how much Cook will receive for filling in for Steve Jobs during his most recent leave of absence. It's also not known if Cook will receive a salary bump now that he's the CEO. It's also not clear if Steve Jobs will receive a retirement package from Apple. The San Francisco Chronicle says Apple's financial statements give no indication of any severance package, pension or health plan for Steve.

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Top Comments
  • 35 Hide
    Pyree , August 27, 2011 12:09 PM
    So my official salary is higher than Steve Jobs? Awesome!

    I will use thsi as a pick-up line:

    "My salary is higher than Steve Jobs, are you free tomorrow at 8?"
  • 29 Hide
    SmileyTPB1 , August 27, 2011 3:29 PM
    bison88I wonder how much the workers make.


    The ones in China also make $1.
  • 26 Hide
    anony2004 , August 27, 2011 12:15 PM
    $59 million last year? Isn't that a hell lot of money to earn?
Other Comments
    Display all 52 comments.
  • 35 Hide
    Pyree , August 27, 2011 12:09 PM
    So my official salary is higher than Steve Jobs? Awesome!

    I will use thsi as a pick-up line:

    "My salary is higher than Steve Jobs, are you free tomorrow at 8?"
  • 26 Hide
    anony2004 , August 27, 2011 12:15 PM
    $59 million last year? Isn't that a hell lot of money to earn?
  • 14 Hide
    sunflier , August 27, 2011 12:16 PM
    Quote:
    Steve Jobs' Salary Was $1, But What About Tim Cook?

    I'm no math wiz here but I'm guessing $800,017.
  • 6 Hide
    Anonymous , August 27, 2011 12:48 PM
    I find it interesting that no one has mentioned Jony. He is the actual "brain" behind the last Apple hits, iPhone, iPad and Air. Steve made sure that Jony's design was perfect but, who will work with him now? Tim is a numbers and operations guy, who will be the visionary?
  • 7 Hide
    GreaseMonkey_62 , August 27, 2011 12:53 PM
    I don't think it matters what he gets paid. CEO's of big companies tend to get insanely large bonuses and other compensation pay, that nearly always dwarf their actual pay.
  • 1 Hide
    Marco925 , August 27, 2011 12:54 PM
    TwistdiffI find it interesting that no one has mentioned Jony. He is the actual "brain" behind the last Apple hits, iPhone, iPad and Air. Steve made sure that Jony's design was perfect but, who will work with him now? Tim is a numbers and operations guy, who will be the visionary?


    Jony la gente está muy loca
  • 6 Hide
    damasvara , August 27, 2011 12:56 PM
    I'm no psychic either, but I'm guessing his future salary as CEO will be more than that. :p 
  • 0 Hide
    Anonymous , August 27, 2011 1:18 PM
    Bet u as a CEO $1 too.... plus all the rest kept in place...
  • 5 Hide
    guyjones , August 27, 2011 1:19 PM
    anony2004$59 million last year? Isn't that a hell lot of money to earn?


    Yes, it obviously is, but you have to keep in mind how well Apple is doing, financially. The stock has done very well over the past few years and, as high-priced as it is, has room to go up further thanks to the company essentially dominating the tablet/smartphone market, along with Google. So, investors are reaping the benefits of Jobs'/Cook's assured stewardship of the company over the past decade. The mobile area is the future of computing, and Apple looks set to have a lion's share of the revenue, barring some catastrophic screw-up.

    CEO compensation ideally should reflect the fiscal performance of the company which the CEO runs. To be sure, there are many CEO's earning salaries that are far out of proportion to their company's level of success, but Cook is not one of them.
  • 17 Hide
    forsty , August 27, 2011 1:39 PM
    At $1, he paid FICA of 8 cents (rounded). This is why ALL sources of income should be used in the FICA calculation, not just wages.
  • 14 Hide
    sonofliberty08 , August 27, 2011 1:51 PM
    forstyAt $1, he paid FICA of 8 cents (rounded). This is why ALL sources of income should be used in the FICA calculation, not just wages.

    now i get why he want that salary
  • 5 Hide
    bison88 , August 27, 2011 3:13 PM
    I wonder how much the workers make.
  • 29 Hide
    SmileyTPB1 , August 27, 2011 3:29 PM
    bison88I wonder how much the workers make.


    The ones in China also make $1.
  • 13 Hide
    aznshinobi , August 27, 2011 3:47 PM
    So... I hear we're in a recession again. Why are these CEO's being paid this much?
  • 19 Hide
    christop , August 27, 2011 4:06 PM
    So that's why Apple products cost so much..
  • 4 Hide
    Anonymous , August 27, 2011 4:18 PM
    So Jobs gets $1 a year and 5.5 million Apple shares.
    Cook gets $52.33 million a year and lots of market shares.
    (Bonuses not counted)

    What the hell is up with Apple's money distribution!?
  • 2 Hide
    Darkk , August 27, 2011 4:30 PM
    aznshinobiSo... I hear we're in a recession again. Why are these CEO's being paid this much?


    It doesn't matter. If the company is willing to pay him that much then it's their business. If the stockholders complain then they can voice their concerns with them. Right now everybody within Apple is making money until we as consumers stop buying their products which isn't likely to happen anytime soon unless they royally screwed things up.

  • 19 Hide
    kinggraves , August 27, 2011 4:39 PM
    So they can afford to give 5 million dollar bonuses (I realize this isn't just Apple), but they can't afford to use labor in the same country they're living and selling in because it's "too costly"?

    I'm not saying he shouldn't get a bonus, or that it shouldn't be fairly large given their success, but 5 million is enough for someone to live their entire life on. These corporations really need to let some of their wealth trickle down to their work force. More money trickling down is more money that people can spend on luxuries, which is more money that the business makes in the end. If the CEOs keep all the wealth for themselves, eventually the people who they expect to buy their products aren't even going to have enough money to buy them, their sales suffer, and the company fails. These guys just see dollar signs and figures and pat themselves on the back every time sales go up, even if it has nothing to do with them. Too bad that 5 million will become nothing but toilet paper when the currency devalues.
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