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One million shares for Apple boss

Apple has given Tim Cook one million shares of restricted stock as he takes over the reins of the company from Steve Jobs.

At current prices, the stock package is worth more than 383 million US dollars.

Mr Cook assumed chief executive duties this week when Mr Jobs stepped aside after 14 years, saying he was no longer able to do the job.

Mr Cook will not immediately have access to the stock. Half of the award vests over five years, and the other half five years after that. So the full value will not be known for years.

But it has the potential to be even more rewarding if certain expectations of Apple come true.

Some analysts forecast Apple's stock, which closed on Friday at 383.58 US dollars, could hit 500 US dollars or more per share within the next year.

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