CNN Proves New York Times Report About Tim Cook Wrong
This past weekend, The New York Times (NYT) ran a report that claimed Apple CEO Tim Cook was a million-dollar-a-day CEO. According to a follow-up report from CNN Money, that estimate is not exactly correct.
The CNN report claimed that the NYT was correct with the CEO’s yearly salary of US $900,000. However, NYT made a mistake when it included the one million shares of Apple stock that Cook was granted in 2011. These shares would not vest for ten years, which means Cook would not 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.