New Apple CEO Cook Receives 1 Million Shares Worth $383M

By

Following the resignation of Steve Jobs, newly appointed Apple CEO Tim Cook has received 1 million shares of restricted stock sales as he takes the helm of the tech giant’s top post.

According to a report from the Associated Press, at current prices, the stock package is worth more than $383 million.

Following a tumultuous few years for Steve Jobs – from being diagnosed with pancreatic cancer to taking a medical leave of absence – Jobs last week officially bid farewell to his post as CEO of the Apple empire.

Cook, who officially assumes CEO duties this week, won’t have immediate access to the stock, according to the AP. “Half of the award vests over five years, and the other half five years after that. So the full value won't be known for years,” the report said.

However, the stock has potential to be worth much more if certain expectations of Apple Inc. come to fruition. “Some analysts forecast Apple's stock, which closed Friday at $383.58, could hit $500 or more per share within the next year,” the AP said.

Craig Cartier, an analyst for ICT practice at Frost & Sullivan, global consultancy, said that despite Jobs’ departure from the post, his absence will have a “minimal effect” on Apple’s advancement, TechZone360 reported.

“Jobs’ health issues began in 2004 when he announced that he had a tumor in his pancreas,” Cartier said in a statement. “During his absence to have the tumor removed, Tim Cook headed the company. In 2009, Jobs’ health issues resurfaced, prompting a 6 month leave of absence. In his stead, Tim Cook headed the company. In January of this year, Jobs again announced health issues, leaving Apple to the direction of Tim Cook. And today, as Jobs steps down, the company is left in the capable hands of, you guessed it, Tim.”

“Despite Jobs’ recurring health issues over the recent past, Apple has continued to grow, develop innovative devices, and enjoy a loyal consumer following,” he said. “Tim Cook has proven himself a capable leader and today’s announcement will have minimal effect on Apple’s progress.”

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2011, taking place Sept. 13-15, 2011, in Austin, Texas. ITEXPO offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.



Erin Harrison is Executive Editor, Strategic Initiatives, for TMC, where she oversees the company's strategic editorial initiatives, including the launch of several new print and online initiatives. She plays an active role in the print publications and TechZone360, covering IP communications, information technology and other related topics. To read more of Erin's articles, please visit her columnist page.

Edited by Jennifer Russell
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Executive Editor, Strategic Initiatives

SHARE THIS ARTICLE
Related Articles

Can Science Outsmart Deepfake Deceivers? Klick Labs Proposes an Emerging Solution

By: Alex Passett    3/25/2024

Researchers at Klick Labs were able to identify audio deepfakes from authentic audio recordings via new vocal biomarker technology (alongside AI model…

Read More

Top 5 Best Ways to Integrate Technology for Successful Project-Based Learning

By: Contributing Writer    3/19/2024

Project-based learning, also popularly known as the PBL curriculum, emphasizes using and integrating technology with classroom teaching. This approach…

Read More

How to Protect Your Website From LDAP Injection Attacks

By: Contributing Writer    3/12/2024

Prevent LDAP injection attacks with regular testing, limiting access privileges, sanitizing user input, and applying the proper encoding functions.

Read More

Azure Cost Optimization: 5 Things You Can Do to Save on Azure

By: Contributing Writer    3/7/2024

Azure cost optimization is the process of managing and reducing the overall cost of using Azure. It involves understanding the resources you're using,…

Read More

Massive Meta Apps and Services Outage Impacts Users Worldwide

By: Alex Passett    3/5/2024

Meta's suite of apps and services are experiencing major global outages on Super Tuesday 2024.

Read More