Apple’s (AAPL) 2012 proxy statement filed on Monday with the U.S. Securities and Exchange Commission reveals that Tim Cook, who took over the helm at the tech giant when Steve Jobs resigned at the end of August, was rewarded handsomely for taking over as CEO, with a compensation package totaling an impressive $376 million.
According to the filing posted online by Apple, Cook’s 2011 compensation included $900K in salary — a figure that far outstrips Jobs’ $1 a year — $900K in incentive pay and 1 million restricted shares of Apple valued at $376,180,000, the closing price of the co.’s stock on August 24, 2011, which corresponds with the date the award was granted.
Apple’s board of directors, which also increased Cook’s base salary from $900K to $1.4million, said the size of the award was the product of “Mr. Cook’s performance in assuming responsibility for the company’s day-to-day operations during Mr. Jobs’s prior leaves of absence [Steve Jobs died in October after a years-long battle with cancer]. The Board also took into account the 10-year vesting period of the award, the importance of retaining Mr. Cook, and the opportunities Mr. Cook would likely have if he were to seek other employment”.