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Apple Puts $383 Million Handcuffs On CEO Tim Cook
theodp writes "There are bonuses. And then there are bonuses. Apple's board, led by sadly frail-looking chairman Steve Jobs, signaled its long-term confidence in Tim Cook as the company's new leader, disclosing in a regulatory filing that it's awarding the new CEO one million restricted stock units that will vest over the next decade. Apple shares closed at $383.53 Friday. From the SEC filing: 'In connection with Mr. Cook's appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units. Fifty percent of the restricted stock units are scheduled to vest on each of August 24, 2016 and August 24, 2021, subject to Mr. Cook's continued employment with Apple through each such date.'"
Motivation to look out for the long-term interest of the company instead of the next quarter.
Whoda thunk it?
Sadly, such motivation is missing from the portfolios of many CEOs.
These are not handcuffs. The only people who think these are handcuffs are day traders and speculators. Fuck them.
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BMO
It's a message to the outside world more than anything else: Apple and Cook saying "We think this job is long term and we're going to make profit doing it together." Sort of a mutual vote of confidence to calm any anxiety outsiders might have.
If all else fails, immortality can always be assured by spectacular error.
This is an outrageous affront to the principles of merit and earned reward which made this country great. If CEOs cannot expect an honest $5 million bonus payment for liquidating divisions and rolling back R&D in the short term, how will we attract the best people to run our companies?
It's no surprise to hear this from a company run by a known former hippie. This kind of peace and love "fairness" will sink Apple as it will sink that other great coropration, the U.S.A. Ambitious, driven people will be forced out by poor remunerations, to be replaced by steady, long-term focused, family men whose decisions will be stymied by their senses of "responsibility" or--God Almighty forbid--"fiscal prudence".
That's not the America I know! The America I know gives 29 years olds a chance to run multi-million dollar companies and over three times their own age. It allows new technologies to be brought to market cheaply by giving their secrets to foreign contractors. It allows billions of dollars to soak up the economic chain to the righteous, hard-working, low-taxed millionaire hands where it belongs. The America I know embraces inequality as a founding principle!
If this catches on, expect myself and the rest of your betters moving on to a better life in Shanghai, under a Government which recognises and rewards our ability.
May the Maths Be with you!