Tim Cook Paid Compensation Worth $378 Million By Apple

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[Techtaffy Newsdesk]

Its new Chief Executive Officer received compensation worth some $378 million, says Apple. Tim Cook’s pay for the year 2011 included $376.2 million in shares, half of which will vest in five years and the remaining in ten years. Mr. Cook’s salary was $900,000 in 2011. Apple’s former CEO Steve Jobs drew $1 as salary from the company, plus stock grants.

Mr. Cook’s compensation is higher than Oracle’s CEO Larry Ellison’s 2011 paycheck ($77.6 million) as well as Microsoft’s Steve Ballmer’s pay package of $1.38 million, according to a Bloomberg Businessweek report by Adam Satariano and Heather Perlberg.