Summary
This Form 8-K filing from Apple Inc. (AAPL) on August 26, 2011, announces significant leadership changes. Effective August 24, 2011, Steve Jobs resigned as Chief Executive Officer but will continue to serve Apple as an employee and will take on the role of Chairman of the Board. This transition marks a pivotal moment for the company, given Mr. Jobs's foundational role. Concurrently, Timothy D. Cook has been promoted from Chief Operating Officer to Chief Executive Officer. He has also been appointed to the Board of Directors. To incentivize his leadership in this new capacity, Mr. Cook has been awarded 1,000,000 restricted stock units, with vesting scheduled in two equal tranches on August 24, 2016, and August 24, 2021, contingent on his continued employment. This report details the executive transition and initial executive compensation related to the new CEO.
Key Highlights
- 1Steve Jobs resigns as Chief Executive Officer, transitioning to Chairman of the Board.
- 2Steve Jobs will continue as an employee of Apple.
- 3Timothy D. Cook is appointed as the new Chief Executive Officer.
- 4Timothy D. Cook is appointed to fill a vacancy on Apple's Board of Directors.
- 5Timothy D. Cook is awarded 1,000,000 restricted stock units (RSUs).
- 6The RSUs granted to Mr. Cook will vest in two equal installments on August 24, 2016, and August 24, 2021, subject to continued employment.
- 7No family relationships exist between Mr. Cook and any other director or executive officer of Apple.