Posts Tagged ‘Tim Cook’


Apple has awarded seven of its key executives with massive stock grants worth approximately $400 million in total.

Six Apple SVPs have been awarded 150,000 shares of Apple for their services, according to recent SEC filings. This includes Scott Forstall (SVP, iOS), Robert Mansfield (SVP, Hardware Engineering), Peter Oppenheimer (CFO), Phil Schiller (SVP, Marketing), Jeffrey Williams (SVP, Operations) and Bruce Sewell (SVP, General Counsel). At Apple’s current stock price of $400.24, those shares are worth approximately $60 million.

Eddy Cue, the recently promoted SVP of Internet Software and Services, received 100,000 instead of 150,000 like Apple’s other SVPs. However, Cue received 100,000 shares when he was first promoted to SVP in September. Each 100,000 stock grant is worth $40 million.

Apple’s execs won’t be able to spend their new-found wealth immediately, though. Fifty percent of Forstall, Mansfield, Oppenheimer, Schiller, Williams and Sewell’s shares will vest in June 2012, while the other half will vest in March 2016. Cue is on a different vesting schedule: 25% of his shares will vest in September 2014, while the other 75% will vest in September 2016.

“Our executive team is incredibly talented and they are all dedicated to Apple’s continued success,” an Apple spokesperson said in a statement. “These stock grants are meant to reward them down the road for their hard work in helping to keep Apple the most innovative company in the world.”

CEO Tim Cook was awarded 1 million shares of Apple after his promotion. At Apple’s current stock price, those shares are worth approximately $400 million. They will vest on a 10-year schedule.

Update:

Some readers have pointed out that Jony Ive, Apple’s SVP of Industrial Design, didn’t get a bonus. That is not necessarily the case. For various legal reasons, Jony Ive’s bonus wouldn’t have to be reported to the SEC. We believe he also received a bonus from Apple, but the company declined to report it to the government


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Yeah! It has finally arrived.

It’s finally been confirmed: Apple’s next event will be held on October 4 and they’re not even being coy about the topic — the invite says, “Let’s talk iPhone”.

In typical Apple fashion the invite is cleverly presented: The date is indicated as part of the iOS calendar app, the time by the clock, and the location (it’s being held at Apple’s campus) by the Maps icon.

Rumors have been swirling about the launch date of the next iPhone, with plenty of speculation that it might be released in September, or maybe announced in September and then released in October, or perhaps that it would be an all-October deal (never before have I seen such earnest debate over calendar dates).

Further via AllThingsD :

Tuesday, Oct. 4.

That’s the day Apple is currently expected to hold its next big media event, according to sources close to the situation, where the tech giant will unveil the next iteration of its popular iPhone.

While there have been a lot of conflicting reports about the exact timing of the event, including some that pegged it as taking place this month, AllThingsD had previously posted that the rollout of the iPhone 5 would be in October.

While Apple could certainly change its plans anytime, sources said that the Oct. 4 date has been selected by the company to showcase the iPhone 5. Sources added that the plan is now to make the new device available for purchase within a few weeks after the announcement.

And while the iPhone 5 is a much-anticipated handset, the event itself has a lot more importance for Apple than many previous ones.

That’s because it will be newly installed CEO Tim Cook’s first big product introduction, and the place where the public will get a first lengthy impression of him that may well set the tone for Cook’s new role.

And that’s why, said sources, although he’s never quarterbacked an Apple product announcement before, Cook is certain to preside over the iPhone 5 rollout.

He has to, of course. To pass the presentation on to anyone else — even one of Apple’s key executives, such as Phil Schiller, who has handled the Macworld and Worldwide Developers Conference keynotes in 2009 — would undercut Cook’s new role and reinforce public perception that its legendary outgoing CEO and co-founder Steve Jobs is Apple, and that it will be a different company without him.

So, like his predecessor, and as Jobs’s right-hand man and chosen successor, Cook is expected to be the main presenter at all big Apple media events going forward.

That said, according to sources, he’s sure to have help from Apple lieutenants, such as marketing head Schiller, iOS chief Scott Forstall and Eddy Cue, recently named SVP of Internet Software and Services.

Still, the pressure will be on Cook to turn in a good performance at the event, especially after what has so far been a very smooth leadership transition at Apple.

What will be interesting to see, of course, is if Jobs himself will also make an appearance, which is something that is likely to be determined by his health, in a decision that will be made very close to the event.

And while putting Jobs onstage with Cook could diminish the new leader’s first public effort, what better “one more thing” than Jobs himself making a cameo appearance?

-(via allthingsd.com)

 

 

 

Apple was quick to update its executive profiles page, after Steve Jobs’s announcement late Wednesday that he will step down from his position as Apple CEO. The page now reflects the new organizational structure of the company.

Tim Cook is now listed as the CEO of Apple, while Steve Jobs’s new position as chairman of the board at Apple is listed at the bottom of the page. Tim Cook is now also on the board of directors.

The last time Steve Jobs’s picture wasn’t on that list was in 1997, before he became the interim CEO and began leading Apple to profitability once again. For a quick trip down memory lane, here are snapshots of the Apple executive profiles page from 199820012005 and 2009.


Steve Jobs, co-founder and two-time CEO of Apple, offered his resignation to the company’s board Wednesday.

“I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know,” he wrote. “Unfortunately, that day has come.”

Jobs has been in poor health for some time. In January, he announced that he would be taking a medical leave of absence from the company. He returned to the public spotlight in March to help launch the iPad 2.

Jobs advised the board to “execute our succession plan” — by naming Tim Cook to replace him. Cook, formerly the COO of the company, has been standing in for Jobs since January and was widely tipped to be his successor. Cook also stood in for Jobs during his bout with pancreatic cancer in 2004. “The Board has complete confidence that Tim is the right person to be our next CEO,” said board member Art Levinson, chairman of biotech firm Genentech, in a prepared statement.

Jobs will not be leaving the company altogether, and the move was clearly well-planned in advance. He has been elected chairman of the board, Apple said Wednesday, and Cook will be joining the board, effective immediately.

“I believe Apple’s brightest and most innovative days are ahead of it,” Jobs wrote in his resignation letter to the Apple board. “I look forward to watching and contributing to its success in a new role.”

Apple stock was down 7% in after-hours trading but rallied and was down just 5% by 7:50 p.m. ET — suggesting Apple’s succession plan had calmed the markets.