Tim Cook pay package

Tim Cook pay package

Tim Cook pay package - Tim Cook to get big payday, Apple CEO Tim Cook reportedly will receive a pay package that could make him the highest paid CEO in the U.S. for 2011. Apple reportedly gave Cook a raise in November, bumping his annual base salary to $1.4 million. He also has a combined total of $580 million in shares of the company's stock Apple CEO Steve Jobs has entrusted the reins of the company to COO Tim Cook, as he has gone on leave of medical absence, thus leaving the investors and shareholders with a big question mark about the future of the company.

Before being named CEO in August 2011, Tim was Apple‘s Chief Operating Officer and was responsible for all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries. He also headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.

Prior to joining Apple, Tim was vice president of Corporate Materials for Compaq and was responsible for procuring and managing all of Compaq’s product inventory. Previous to his work at Compaq, Tim was the chief operating officer of the Reseller Division at Intelligent Electronics.

Tim also spent 12 years with IBM, most recently as director of North American Fulfillment where he led manufacturing and distribution functions for IBM’s Personal Computer Company in North and Latin America.

Tim earned an M.B.A. from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science degree in Industrial Engineering from Auburn University.New Apple CEO Tim Cook called a meeting of shareholders and members of the press Thursday morning to announce that he envisioned printers as the company’s future. “Laser, ink-jet, double-sided, color, black-and-white—the future of technology is in printers. I am absolutely convinced of that,”

Cook explained to a packed auditorium as a montage of printers and people using printers played on a screen behind him. “What is the one thing people will always need? It’s obvious: printers. Printers with fax machines attached, printers that collate and staple, perhaps a printer that makes photocopies. Anything’s possible. It’s called innovation.” Cook concluded his remarks by assuring investors the release of upcoming Apple products such as the iPhone 5 would be postponed for at least four years so the company could throw all its time and resources into the creation of high-quality printers for the home and office.

Apple has very well timed the announcement about its CEO Steve Jobs taking leave of medical absence as US stock markets are closed today in view of Martin Luther King day, as otherwise it could have led Apple’s stocks plunge into free fall.
Apple’s shares fell by 8.3% in Germany that can well be the proof how dependent the company is on its CEO.
This is for the second time when Steve Jobs has taken an open ended leave on medical grounds. Last time he took such a leave in 2009, when he underwent a liver transplant surgery. Apple stocks witnessed a sharp fall of 10% during that announcement also, though that was for a brief period of time before they consolidated during six months of his absence from the scene.
It is an open secret that Steve Jobs is involved in every process and decision of the company and many refer to him as the person who single handedly runs the company and he is the person in whom DNA of Apple resides.
“As much as any company has been associated with one person, it’s Apple,” said Greg Taylor from Aurion Capital Management. “He has portrayed himself as the guiding light behind the company and one of its key innovators,” adds Taylor. “The fact that Steve Jobs is taking some time off could be enough of a concern that people want to take some money off the table ahead of this quarter.”

Apple’s financial results are expected this week and its executives will have time answering the shareholders’ questions concerning Steve Jobs health and future plans of the company.
Chief Operating Officer Tim Cook will be performing the duties for Steve Jobs while he will be away, as he has already done so thrice during the past seven years. Though Cook has proved his managerial skills in the past but he doesn’t have the charisma of his boss.