Tim Cook will hold the chief executive role at Apple until 2021, according an 8-K filing by Apple to the Securities and Exchanges Commission. The board has also awarded Cook generous stock options.
In an 8-K filing today the board of Apple confirmed that Steve Jobs has stepped down from the company as CEO but will remain an employee of the company as chairman of the board.
Cook will also be granted some 1m shares of restricted company stock which are scheduled to vest in 2016 and 2021 and are currently worth over US$380m.
Steve Jobs himself holds some 5.5m shares of Apple stock, worth over US$2.1bn.
According to the filing:
“In connection with Mr. Cook’s appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units. Fifty percent of the restricted stock units are scheduled to vest on each of August 24, 2016 and August 24, 2021, subject to Mr. Cook’s continued employment with Apple through each such date.”