It could be at least ten years until the man Steve Jobs hand-picked to replace him is no longer CEO of Apple.
SEC filings indicated Apple's Board of Directors, which is chaired by Jobs himself, approved a deal where Cook will get one million shares of Apple's stock over a ten year period. The move gives Cook serious incentive to stay on as CEO throughout the next decade.
Cook will get the first half of the shares in August 2016 if he is still CEO and the second half if he is still CEO in August 2021. The shares are worth more than $383 million as of last week's closing price. According to SEC documents, Cook will eventually have a stake in Apple as he accumulates the shares.
Cook has already cashed in on as his appointment as CEO of Apple. While acting as chief operating officer of the company this past year, he earned $800,000. As acting CEO while Jobs was on medical leave, Cook earned an additional $5 million. His stock awards have earned him an astounding $59 million.
Cook has been Jobs' made man since 1998, when he came to Apple from Compaq. He brought his PC experience to the company and helped Apple turn Mac back into a relevant brand in the industry. Prior to Compaq, he spent 12 years at IBM.
While Jobs has not given any specific reasoning as to why he stepped down as CEO, most say it was because of health reasons. Jobs is a pancreatic cancer survivor and has undergone a liver transplant. Earlier this year, he took a leave of absence so he could focus on his health.
When he stepped down, Jobs said it was because he could no longer meet his duties and expectations as CEO of Apple.