Apple locks down Tim Cook as CEO through 2021

how apple ceo tim cook will carry on steve jobs legacyThere’s been no shortage of speculation regarding Apple’s future now that Tim Cook has replaced Steve Jobs as CEO, and now it looks like we’ll have plenty of time to see the company evolve under its new chief’s leadership.

In a filing with the U.S. Securities and Exchange Commission, Apple reported that Cook will be offered 1 million shares of the company’s stock, to be dispersed in two installments between now and the end of 2021. At their current market price, the shares are worth more than $380 million.

The deal states that half of Cook’s “restricted stock units” will be awarded in August 2015, but only if he is still with Apple at the time. The second half will be given to him in August 2021 under the same condition.

With the bump in Cook’s stake, the new CEO’s share of the company is expected to measure one-fifth that of his predecessor’s holdings. Apple’s filing also confirmed that Jobs will continue as an Apple employee, serving as chairman of the board of directors.

As expected, the move is a nice hike in salary for Cook, who reportedly earned an $800,000 salary in 2010 as the company’s COO, along with a $5 million bonus for duties served while Jobs was on medical leave in 2009 and various other payments that brought his earnings up to around $59 million last year.