Last updated at 11:35 AM on 10th January 2012
Top of the list: Apple boss Tim Cook looks likely to be the best paid CEO in America in 2011, with a pay deal worth $ 378 million
New Apple boss Tim Cook could end up being the highest paid CEO in America in 2011, figures suggest.
Apple Inc. granted him a million shares in the group in August last year, as an incentive to continue filling the shoes of his former boss Steve Jobs.
According to a securities filing analysed by the Associated Press, Mr Cook's pay package was valued at $ 378 million (£ 244m).
While his salary and performance bonus are worth about $ 900,000 (£582,000) each, most of the sum is made up of restricted stock units with an initial value of $ 376 million (£243m).
The deal is designed to keep Mr Cook at the helm of the company for the next decade, and allows him to collect half of the shares in 2016, and half in 2021.
If Apple continues its upward trajectory, their worth could rise significantly over the coming years.
In addition, Mr Cook made $ 16,520 (£10,680) from company contributions to a retirement account and company-paid life insurance premiums.
Steve Jobs, who co-founded Apple and served as its chairman and CEO, accepted an annual salary of just $ 1 (65 pence) for several years, but owned about 5.5 million shares, worth about $ 2.3 billion (£1.49bn) today.
The filing showed that Mr Cook has about 1.36 million restricted shares that haven't yet vested, and 13,754 regular shares worth a combined $ 580 million (£374m).
Mr Cook's remuneration package is well above that given to Philippe Dauman, the Viacom Inc. chief executive who led the top paid CEOs of 2010 with an $ 84.5 million (£54.6m) haul.
His pay deal was valued at more than all of the next nine highest paid CEOs of 2010 combined.
Co-founder: Former Apple CEO Steve Jobs accepted a salary of just one dollar for several years, but had shares worth $ 2.3 billion
Apple said that its compensation goal is to encourage long-term results above short-term risk-taking, and pointed out that the 51-year-old former chief operating officer won't begin to reap the actual benefits of the stock award for another four years.
In November, the company decided to raise Mr Cook's base annual salary to $ 1.4 million (£900,000) and double the bonus target for paid executives to 100 per cent of their annual salary.
Apple said the move would keep its executive pay more in line with that of other technology and entertainment giants such as Google or The Walt Disney Co.
The filing giving details of Mr Cook's pay was released on the same day that Apple shares reached a new high in midday trading, briefly hitting $ 427.75 (£276.54) before falling back to close at $ 421.73 (£272.69).
Source : dailymail
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