Apple want Tim Cook as CEO for 10 years, shares used as collateral

When Steve Jobs resigned as Apple CEO last week he strongly recommended that Tim Cook should be his successor, well that was never in doubt and now we are hearing details regarding Cook’s appointment as CEO and what Apple has done to try to keep him in this position for a long time.

According to ComputerWorld Apple want Tim Cook to be the company’s CEO for at least 10 years, apparently as part of the deal the board appointed Mr. Cook with 1 million restricted shares – if he is still with Apple in August 2015 he will get half of these, if he makes it through to August 2021 he will receive the other half.

To put this into some sort of context on Friday these shares would be worth nearly $400 million, below we have embedded an image showing the change in Apple’s share prices over the last 10 years according to Yahoo! Finance, in August 2001 (10 years ago) shares were worth roughly $9.5 USD each, today they are worth nearer $383.5 USD. If Apple continue to grow year on year like they have Cook’s 1 million shares could possibly be worth 1 billion in 2021 (or a lot more), that said there is always a chance that Apple’s shares will drop – but we doubt it.

It is hard to imagine Apple without Steve Jobs at the helm as he has become a symbol of his company, we think the next major Apple unveiling, presumably the iPhone 5, will give Tim Cook his opportunity to really make an impact – we can’t wait to see the stock market reaction as it will really give us some insight into what the next few years for Apple will be like, if stocks drop it will be interesting to see what predictions analysts make and how Apple fans react.

Tim Cook made the Verizon iPhone 4 announcement back in January as Steve Jobs was taking medical leave, however in March Steve Jobs revealed the iPad 2, since then consumers have been waiting for the fifth-generation iPhone, next-gen iPod Touch a next-gen iPod Nano – we are led to believe that all will show up in September so Cook is being thrown in at the deep end – do you think he will come out on top? Or be hounded by critics? We would love to hear your opinions.

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Written by Jamie Pert

Jamie has a background in computer repairs and maintenance along with network administration, he now enjoys utilizing the benefits of new technologies and enjoys writing about anything that brings new technology to the world.

He began writing for Product Reviews in mid 2009 and has since expanded his knowledge across a wide-base of devices, he is looking to get more hands-on experience with new devices to gain a better understanding of the latest and greatest technologies.

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