Board 8 > Steve Jobs' successor, Tim Cook (Apple's new CEO) to be paid $422 million

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iGenesis
01/09/12 4:54:00 PM
#1:


for the next 9.5 years of service as CEO.

To be more technical, 500K shares will vest in August 2016, and 500K more shares will vest in August 2021. The $422M figure comes from AAPL's latest closing price of $422. ($422/share * 1M shares = $422M. Go figure.) AAPL's share price could be very different in 2016 or 2021, but either way, it's a disgusting sum of money on top of the $800M or so he's already taken from the company.

http://market (space) watch.com/story/apple-ceo-cook-gets-1-mln-share-retention-award-2012-01-09?dist=afterbell

Another reason (in a lengthy list) why Apple is a f***ing joke.

(Full disclosure: No positions in Apple stock. Personally boycotting all Apple products, effective through year 2049.)

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skull_bonek23
01/09/12 4:57:00 PM
#2:


Why is this important at all?

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SupremeZero
01/09/12 4:58:00 PM
#3:


From: iGenesis | #001
for the next 9.5 years of service as CEO.

To be more technical, 500K shares will vest in August 2016, and 500K more shares will vest in August 2021. The $422M figure comes from AAPL's latest closing price of $422. ($422/share * 1M shares = $422M. Go figure.) AAPL's share price could be very different in 2016 or 2021, but either way, it's a disgusting sum of money on top of the $800M or so he's already taken from the company.

http://market (space) watch.com/story/apple-ceo-cook-gets-1-mln-share-retention-award-2012-01-09?dist=afterbell

Another reason (in a lengthy list) why Apple is a f***ing joke.

(Full disclosure: No positions in Apple stock. Personally boycotting all Apple products, effective through year 2049.)


... you ARE aware that Jobs took his 1$ salary because of his Disney stocks, right?

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Silvercross
01/09/12 5:00:00 PM
#4:


Does anyone know if it's possible to close other users topics with the GameFAQs Premium account?

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Not Dave
01/09/12 5:01:00 PM
#5:


so what

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iGenesis
01/09/12 5:01:00 PM
#6:


From: SupremeZero | #003
... you ARE aware that Jobs took his 1$ salary because of his Disney stocks, right?


Tim Cook has cashed in over $800M from Apple thanks to his decade+ tenure and serving as interim CEO during all those Jobs sick leaves. He doesn't need the money either.

Greed knows no bounds in modern capitalist societies.

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SupremeZero
01/09/12 5:02:00 PM
#7:


From: iGenesis | #006
Tim Cook has cashed in over $800M from Apple thanks to his decade+ tenure and serving as interim CEO during all those Jobs sick leaves. He doesn't need the money either.

Greed knows no bounds in modern capitalist societies.


That's meaningless in the face of stocks in DISNEY of all companies.

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Achromatic
01/09/12 5:02:00 PM
#8:


Good for him, I am sure he works hard.

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Mershaaay
01/09/12 5:03:00 PM
#9:


Why would you not want to make as much money as possible if you are earning it?

He could invest that money and donate it to charity when he retires, you know

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Leebo86
01/09/12 5:05:00 PM
#10:


iGenesis overreacting to meaningless stuff, nothing to see here.

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foolm0ron
01/09/12 5:05:00 PM
#11:


Wow I'm so angry that someone is more successful than me

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Mershaaay
01/09/12 5:07:00 PM
#12:


iGenesis posted...
(Full disclosure: No positions in Apple stock

sucks, bro

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TheRock1525
01/09/12 5:08:00 PM
#13:


foolm0ron posted...
Wow I'm so angry that someone is more successful than me

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th3l3fty
01/09/12 5:08:00 PM
#14:


CEO salaries are pretty ridiculous, but they're uniformly so, so I fail to see what's so offensive about this specific instance!

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SupremeZero
01/09/12 5:10:00 PM
#15:


From: th3l3fty | #014
CEO salaries are pretty ridiculous, but they're uniformly so, so I fail to see what's so offensive about this specific instance!


Uniformly ridiculous, but not ridiculously uniform.

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smitelf
01/09/12 5:11:00 PM
#16:


Yep, CEO salaries are ridiculous

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Silvercross
01/09/12 5:14:00 PM
#17:


Oh man, you can just tell iGenesis is prepping a wonderful response.

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iGenesis
01/09/12 5:15:00 PM
#18:


From: th3l3fty | #014
CEO salaries are pretty ridiculous, but they're uniformly so, so I fail to see what's so offensive about this specific instance!


present evidence

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SupremeZero
01/09/12 5:16:00 PM
#19:


... you're going to ask him to list every CEO in the world's salary now, aren't you.

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SlymDayspring
01/09/12 5:24:00 PM
#20:


CEOs get paid a lot

in other news: grass still green

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neonreap
01/09/12 5:25:00 PM
#21:


guys please stop

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foolm0ron
01/09/12 5:26:00 PM
#22:


From: SlymDayspring | #020
grass still green


present evidence

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BFairfield
01/09/12 5:27:00 PM
#23:


Less than $50 million a year doesn't actually seem all that much for a CEO. I mean, it's a ton, but not really worth complaining about. And it seems quite reasonable to pay him in Apple stock, considering his own wealth will mirror the performance of the company.

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OmarsComin
01/09/12 5:31:00 PM
#24:


Good for him, I am sure he works hard.

this is a bad topic

but let's be real, no one works $422 million over 10 years hard
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Mershaaay
01/09/12 5:32:00 PM
#25:


OmarsComin posted...
Good for him, I am sure he works hard.

this is a bad topic

but let's be real, no one works $422 million over 10 years hard


Pujols

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LordoftheMorons
01/09/12 5:32:00 PM
#26:


And you didn't even win any money from the last contest! Life is just rigged against you, huh?

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Achromatic
01/09/12 5:33:00 PM
#27:


From: OmarsComin | #024
Good for him, I am sure he works hard.

this is a bad topic

but let's be real, no one works $422 million over 10 years hard


I disagree. He doesn't work 422 million over ten years hard. He works "Price of the company he runs" hard. If that company keeps that price then he has, by all means, worked hard and well deserves it. If it is higher, even better. I mean money is a bit weird but paying in stocks is a good way to do things.

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iGenesis
01/09/12 5:35:00 PM
#28:


From: SupremeZero | #019
... you're going to ask him to list every CEO in the world's salary now, aren't you.


or provide a non-idiotic answer as I do below:

external image

"but Apple isn't an average company!"

here's one that's more profitable than apple:

http://www.equilar.com/ceo-compensation/2011/chevron_john_s._watson.php

$13M in total comp. for 2010. Still far from $50M.

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Silvercross
01/09/12 5:41:00 PM
#29:




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KingButz
01/09/12 6:00:00 PM
#30:


From: TheRock1525 | #013
foolm0ron posted...
Wow I'm so angry that someone is more successful than me



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iGenesis
01/09/12 6:13:00 PM
#31:


From: KingButz | #030


LOL at using the word "successful" to describe an over-compensated CEO.

He's the supply chain guy. Not even the product designer (exterior or UI) or an engineer responsible for making things happen.

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MrSmartGuy
01/09/12 6:17:00 PM
#32:


Let's pay every single engineer at Apple $422 million. That'll teach those CEO's.

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Emporer_Kazbar
01/09/12 6:25:00 PM
#33:


From: iGenesis | #031
I'm going to try and cover my anger by saying that making 422 million dollars isn't being successful


OK

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OmarsComin
01/09/12 6:42:00 PM
#34:


I would just like to point out that iGenesis has a bad Mario and Zelda tier list
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SmartMuffin
01/09/12 6:46:00 PM
#35:


If you object so strongly, perhaps you SHOULD buy some Apple shares and vote to oust the current board of directors. They're the ones who set CEO salaries...

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foolm0ron
01/09/12 8:19:00 PM
#36:


From: iGenesis | #031
He's the supply chain guy.


So why is he there?

I'm sure someone else would do the job for less than $40 mils a year, right? You would do it for $30 mils probably, right? So why aren't you at Apple taking his job right now?

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iGenesis
01/09/12 8:35:00 PM
#37:


From: foolm0ron | #036
So why aren't you at Apple taking his job right now?


because I don't want to work for Apple. For any amount. It's called having principles.

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Wanglicious
01/09/12 8:42:00 PM
#38:


man, i'd kill for 1% of that.

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thundersheep
01/09/12 8:45:00 PM
#39:


From: Wanglicious | #038
man, i'd kill for 1% of that.


I don't really care what people make, but comments like this shed light on how ridiculous these salaries are getting. I mean you could live on 1% of this guy's salaries and still be extremely well-off... that's insanity.

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LordoftheMorons
01/09/12 8:50:00 PM
#40:


iGenesis posted...
From: foolm0ron | #036
So why aren't you at Apple taking his job right now?
because I don't want to work for Apple. For any amount. It's called having principles.


Why aren't you the CEO of your own highly successful company then?

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GaryOak151
01/09/12 8:57:00 PM
#41:


The president makes about .1% of that. Not 1, .1.

So yeah.

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Mershaaay
01/09/12 8:59:00 PM
#42:


GaryOak151 posted...
The president makes about .1% of that. Not 1, .1.

So yeah.


The guy is responsible for making tens of billions of dollars in annual profit.

The President loses trillions of dollars every year.


Fair. Next.

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Dauntless Hunter
01/09/12 9:03:00 PM
#43:


I don't see the big deal here. It's Apple's money, they can do what they want with it. Personally (and it sounds like you're the same), I don't care for anything Apple does, so why should this bother me? It's not like they'd do anything else with that money that I would like any better, so why shouldn't they use it to pay this guy?

Also, one of the contextual ads I got for this topic was:

Apple in 2015?
Apple will be bigger than Exxon with or without Steve Jobs.


uhh pretty sure it's gonna be "without"

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foolm0ron
01/09/12 9:10:00 PM
#44:


From: iGenesis | #037
because I don't want to work for Apple. For any amount. It's called having principles.


Oh, THAT is why you aren't working for Apple. Man, for a second there I thought you just lacked the skills necessary to run a company like Apple, like every other person in the world other than Tim Cook. Excuse me for being so foolish.

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Wanglicious
01/09/12 9:13:00 PM
#45:


there's plenty of people in the world who can run apple.
cook's just been doing it for a while and thus the most logical pick.

not that this guy can obviously, but still. it's not a shortage of numbers to run a major company that's the dealio.

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iGenesis
01/09/12 9:24:00 PM
#46:


Some typical Apple salaries, courtesy of Glassdoor:

Software Engineer: $103,733 per year
Senior Software Development Engineer: $110,333 per year
Software Engineering Manager: $138,882 per year

Senior Project Manager: $126,667 per year

Financial Analyst: $82,156 per year
Senior Financial Analyst: $98,729 per year

Supply Chain Manager: $116,395 per year

Web Developer: $81,686 per year

Senior Director: $208,710

So what Apple's board of directors is implying is that a CEO is worth 500X a mid-level engineer and 250X a senior director. Actually, more than that, because he's already guaranteed this amount upfront.

If you honestly think CEOs deserve their pay, or they make money proportional to the value they add to their firms, you're a brainwashed, deluded, and ignorant idiot. The real-reason behind ever-increasing executive comp? Corporate board promiscuity, for the lack of a better word. Ever notice how the same people serve on the BODs of multiple Fortune 500 corporations? Bob Iger of Disney oversaw the Pixar acquisition, made Steve Jobs a multi-billionaire, and gave him a free Disney board seat. Now Iger is getting a lucrative Directorship at Apple worth millions of dollars. Favour for favour. Check cleared.

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foolm0ron
01/09/12 9:25:00 PM
#47:


From: iGenesis | #046
Software Engineer: $103,733 per year
Senior Software Development Engineer: $110,333 per year
Software Engineering Manager: $138,882 per year


Damn son I gotta get me a job here

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OmarsComin
01/09/12 9:27:00 PM
#48:


Damn son I gotta get me a job here

My first thought too. I can deal with the horrible injustices happening to me cuz I'm making bank.
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voltch
01/09/12 9:27:00 PM
#49:


Can Tim Cook cook well?

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Shoenin_Kakashi
01/09/12 9:29:00 PM
#50:


From: foolm0ron | #047
Damn son I gotta get me a job here


From: OmarsComin | #048
Damn son I gotta get me a job here

My first thought too. I can deal with the horrible injustices happening to me cuz I'm making bank.




Ditto

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