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

Following the resignation of Steve Jobs (News - Alert), 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 (News - Alert), 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 (News - Alert) 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 (News - Alert), global consultancy, said that despite Jobs’ departure from the post, his absence will have a “minimal effect” on Apple’s advancement, TMCnet 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.”

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