Apple shows faith in Cook with multi-million stock award

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Apple shows faith in Cook with multi-million stock award

Simon Quicke
Stepping into Steve Jobs' shoes to become CEO of Apple is never going to be an easy task but Tim Cook might feel more confident with the board showing faith awarding him a one-time stock award worth millions.

According to papers filed by the vendor Cook, who took over in August, has been given a stock award that is worth at the current valuation $376m.

The stocks mature in two stages with half available in 2016 and the remaining there to be cashed in after 2021.

"In light of Mr. Cook's experience with the Company, including his leadership during Mr. Jobs's prior leaves of absence, the Board views his retention as CEO as critical to the Company's success and smooth leadership transition. The [stock] award is intended as a long-term retention incentive for Mr. Cook, and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011," the vendor stated.

Since taking over Cook has presided over the launch of the iPhone 4S, which initially disappointed customers who had hoped for a full blown fifth generation of the popular phone, but strong sales and muted plans this year for an entry into the TV market have kept the critics at bay.
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