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Apple desperate for Jobs' successor to stay

29 Aug 2011

Although investors have responded positively to the resignation of Apple CEO and founder Steve Jobs, the company is clearly determined not to risk further uncertainty over leadership.

According to a paper filed with the Security Exchange Commission, Jobs’ successor, former chief operating officer Tim Cook, will receive one million stock units in the next ten years provided he stays with the company. Half of the stock will vest in August 2016, and half in August 2021.

The bonus also provides incentive for Cook to grow the company. On current prices, the stock is worth over US$380 million. 

Cook received US$58 million in salary, bonuses and other stock awards last year, according to MacRumours

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