Apple COO Earns Bonus

Apple COO Tim Cook

Apple’s Chief Operating Officer Tim Cook, who temporarily led Apple last year when Steve Jobs had to go on medical leave, has earned a bonus of $5 million cash, plus stock that is worth nearly $17 million. Jobs recommended the bonus and Apple’s compensation committee unanimously approved it.

Jobs recommended that Cook be given the bonus based on his “outstanding performance” while Jobs was on medical leave. Jobs received a liver transplant when he was on medical leave. Apple was rather secretive of the whole affair, which lead some observers to criticize Apple for not being more upfront about Jobs’ condition.

Under Cook’s leadership, Apple stock rose from around $80 to around $140 per share. Cook has spent a lot of his career in the technology industry. Before working for Apple, he was vice president of Corporate Materials for Compaq and has also worked for IBM. He has an MBA from Duke University.

Via BusinessWeek, image via Apple.