Just how valuable is newly-appointed CEO Tim Cook to Apple? According to an SEC filing, his continued presence at the helm of Apple over the next decade is worth a cool one million – shares of Apple stock, that is. If you sold a million shares of Apple stock on Friday, it would be worth about US$383 million.
The August 24 8-K filing – which public companies are required to file after a major change that shareholders should be aware of – lists all the news that’s been going around over the past few days in lovely legal speak: Jobs’s resignation (though the form notes that “Mr. Jobs will continue to serve as an employee”), his election to chairman of the Apple board and Tim Cook’s promotion and board appointment.
Cook’s million shares will arrive in two phases: The first 500,000 will vest in August 24, 2016 and the other half-million will vest on the same date in 2021. In other words, Cook will receive the stock grants once he’s been CEO of the company for five and 10 years, respectively. As incentives to stick around go, it’s a little bit nicer than a new company parking spot.