$376m bite of Apple for Steve Jobs successor Tim Cook

By Stephen Foley in New York – 11 January 2012

The man who took over from Steve Jobs at the helm of Apple has been promised a $376m pay bonanza, in an attempt to tie him to the company for the next decade.

Tim Cook, who was deputy and heir apparent to the late Mr Jobs before being promoted to chief executive in October, could wind up being the most generously compensated chief executive in the world this year because directors believe the company would be destabilised if he leaves.

The huge pay package stands in stark contrast to Mr Job's remuneration. The Apple founder worked for only $1 a year, but owned a $2bn slice of the shares.

Mr Cook is yet to build up a substantial stake in Apple. But he will be handed half a million shares if he stays for five years, and another half a million if he stays five more.

^{(© Independent New Service)}