Apple (NSDQ: AAPL) COO Tim Cook was handed a $5 million bonus just for taking over Steve Jobs’ responsibilities during the six-months the CEO was on medical leave that ended in June, according to an 8-k filing. In addition to $5 million in cash, Cook was also awarded 75,000 restricted stock units. The WSJ estimated that the combination of cash and stock units add up to $22 million in total compensation.
The announcement comes as analysts and investors await consumers’ reception to the release of the iPad early next month. Early indications appear surprisingly strong, as Apple was selling pre-orders for the iPad at a rate of about 25,000 an hour this morning. That number likely diminished quickly, but the momentum was certainly reassuring to investors, as Apple shares jumped $1.10 to $226.60 at the market’s close.
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