The New York Times ran a report over the weekend that claimed Tim Cook was a million-dollar-a-day CEO. Acording to a follow-up report from CNN Money, that estimate is way off.
The CNN report claims the NYT was correct with the CEO’s yearly salary of US$900,000, but made a mistake when it included the one million shares of Apple stock that Cook was granted in 2011. These shares won’t vest for ten years, which means Cook won’t see any of that money until 2021.
CNN Money took the value of those shares ($376.2 million on the day they were granted) and calculated that Cook would get $103,000 a day over the ten-year period. When you combine the stock money with Cook’s salary, the resulting figure is not even close to the $1 million the NYT claims.
CNN Money: New York Times gets Tim Cook’s earnings wrong originally appeared on TUAW – The Unofficial Apple Weblog on Mon, 09 Apr 2012 15:00:00 EST. Please see our terms for use of feeds.