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1/7/2011
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Apple COO Paid $59M After Covering For Jobs

CEO Steve Jobs received his usual $1 annual salary, while Chief Operating Officer Timothy Cook received $59.1 million in total compensation last year, according to an SEC filing.

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Apple chief operating officer Timothy Cook received $59.1 million in compensation during the 2010 fiscal year, including a $5 million bonus for steering the company while chief executive Steve Jobs was on medical leave in 2009.

Jobs received the same $1 annual salary he has received since returning to Apple in 1997, according to regulatory documents filed Friday with the Securities and Exchange Commission. Jobs owns 5.5 million shares of Apple and has not sold any stock since rejoining the company.

Apple handed Cook a $5 million bonus for the fiscal year that ended September 2010 for his "outstanding performance" in running the day-to-day operations during Jobs' six month medical leave, the proxy statement said. During that time, Jobs underwent a liver transplant that was the side effect of pancreatic cancer he had removed in 2004.

Analysts and investors praised Cook's work in Jobs' absence, saying the company ran smoothly under his leadership. Upon Jobs' return, he recommended that Cook be rewarded for his work and the additional responsibilities he held as temporary CEO.

Cook's total compensation for the last fiscal year also included a salary of $800,000 and a stock award valued at $52.3 million. His salary during the current fiscal year is $900,000. In the 2009 fiscal year, Cook was paid a total of $1.6 million.

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