Apple rewards CEO Tim Cook with $58M for bang-up job on Wall Street
Apple CEO Tim Cook earlier this week was awarded 560,000 shares, worth approximately $57.7 million, receiving the full amount of a grant due him because of Apple's performance on Wall Street over the last two years.
As it did in 2014, Apple withheld just over half of the total shares -- 290,836, worth about $30 million on Monday -- for tax purposes.
The half-million shares were this year's allotment under a revised schedule designed at Cook's request in 2013. Then, Apple's board modified the executive's vesting plan, which had set two large stock handouts for a massive 1 million-share grant -- after last year's stock split, equal to 7 million -- when Cook assumed the lead role at the Cupertino, Calif. company just weeks before co-founder Steve Jobs' death.
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