Steve Jobs' successor Tim Cook highest paid CEO

Steve Jobs and Tim Cook: Apple's past and future

Mark Lennihan
(CBS) - Apple's chief executive officer Tim Cook has had quite a year.

Taking the helm of the company after Steve Jobs passed away last October was only one of Cook's many hurdles. But, all his troubles came with a nice pay package.

Full coverage of Apple at Tech Talk

According to the Los Angeles Times, Cook's compensation was valued at $378 million. Most of which comes in the form of stock options - 1 million shares of restricted stocks worth $376.

The rest of Cook's pay includes a $900,000 salary, $900,000 performance bonus and $16,420 in contributions to his retirement account and life insurance.

That doesn't mean Cook will see that cash anytime soon. The stock options will be vested over a two five-year periods, with the first half available in Aug. 2016 and the second in Aug. 2021. Cook already as 13,754 shares in Apple, making his chunk of the company worth $580 million.

Jobs was paid a $1 annual salary, but owned 5.5 million shares of Apple, currently worth $2.3 billion.

Cook's pay package isn't surprising considering Apple has more cash reserves than the U.S. government. And we don't see the lines for the next iteration of the iPhone or iPad shrinking anytime soon.

Taking the helm of Apple in the same year its iconic co-founder tragically passes away was not an easy feat, but Cook has been able to keep the company on steady ground.

Comments

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.