Apple (AAPL) CEO Tim Cook easily had the highest compensation for the CEO of a large American company in 2011, a study has found, with a one-time restricted stock award giving him nearly five times the remuneration as the man just behind him on the list, Oracle's (ORCL) Larry Ellison.
Cook obtained the chief executive's seat in August last year, when the Cupertino company's cofounder, Steve Jobs, stepped down as he suffered from cancer; Jobs died in October. Apple awarded Cook 100 million restricted share units, which were then worth $376.2 million. At Friday's closing price, the shares would be worth more than $530 million.
Atop his $900,000 annual salary and equal incentives, Cook's total compensation of slightly less than $378 million easily topped the annual Wall Street Journal/Hay Group survey of CEO compensation by the 300 largest public U.S. companies, as judged by revenue.
The shares are tightly restricted -- Cook can sell half after 2016 and the other half after 2021 -- and were meant to be compensation for
a decade's worth of work, Apple said in its proxy statement with the federal government detailing the compensation. It is the highest annual compensation since the SEC changed its rules regarding executive compensation in 2006, the Journal reported.The second-highest compensation on the list belongs to a man who does not receive an annual salary -- Oracle cofounder and CEO Larry Ellison. In 2011, Ellison received a bonus of $13.3 million and stock options worth $62.7 million, putting his total compensation at $76 million. It is the third consecutive year Ellison has placed second on the list, the Journal reported.
Rounding out the top five were CBS CEO Les Moonves, at $69.3 million; JC Penney CEO Ronald Johnson, at $53.3 million; and Motorola Mobility CEO Sanjay Jha, at $46.6 million. Jha is expected to be relieved of his duties once Mountain View search giant Google's (GOOG) $12.5 billion purchase of Motorola Mobility receives final approval.
Only one other Silicon Valley tech company's CEO made the top 50 of the list: Intel's (INTC) Paul Otellini came in at No. 49, with total compensation of $16.7 million. Two other Bay Area companies made the top 50, with San Francisco-based Wells Fargo providing CEO John Stumpf $17.9 million for a rank of 42, and San Ramon-based Chevron right behind at 43 thanks to CEO John Watson's compensation package of $17.86 million.
The Wall Street Journal and Hay Group -- a management consulting firm -- produced the study for the fifth year in a row, relying on proxy statements provided to the Securities and Exchange Commission. The study combines direct compensation, such as salary and bonuses, with long-term incentives, such as stock options.
Contact Jeremy C. Owens at 408-920-5876; follow him at Twitter.com/mercbizbreak.
Poland's Lewandowski looks forward to home help - UEFA
With UEFA EURO 2012 less than three weeks away, Poland striker Robert Lewandowski is savouring the "once-in-a-lifetime" opportunity of representing his country at a final tournament on home soil.
As the club season winds down across Europe and the competing coaches name their squads in advance of the 29 May deadline, excitement is building in the 16 countries taking part in the 14th continental finals. None more so than in Poland, where the Borussia Dortmund striker says a memorable time awaits the co-hosts' players and supporters.
"For every player this is a once-in-a-lifetime thing, a tournament like this in your country," Lewandowski, a scorer of 22 goals in Dortmund's Bundesliga title triumph, told UEFA.com. "I hope that for the Polish players and fans this creates unforgettable emotions and will be a great experience."
With the honour of staging the finals also comes expectation, however, as Poland's frontline striker concedes. "There are advantages and disadvantages," the 23-year-old said. Having the fans and the entire country, including those in front of the television, behind us is an advantage, but the pressure and expectations will be great, so we have to prepare both physically and mentally."
Lewandowski's club-mate, Jakub Błaszczykowski, agrees, saying: "We're in a good position because we're playing at home. It might paralyse [players] or provide an extra stimulus, but, knowing our fans, I'm convinced they'll stand by us."
To hear the full interview with the Dortmund and Poland pair watch the video above.
Florence is to headline Bestival on the Isle of Wight - BBC News
Florence and The Machine have been named as the Friday night headliners for Bestival.
They join Stevie Wonder and New Order as the main acts this year.
Bestival takes between 6-9 September at the Robin Hill Country Park on the Isle of Wight.
The XX, Friendly Fires, Two Door Cinema Club, Orbital, Emeli Sande, Nero, Sigur Ros, Azealia Banks and Michael Kiwanuka have already been announced for the festival.
Miike Snow has also been added to the line-up.
A new performance area will also be in place at Bestival.
The Amphitheatre will be "nestled under a canopy of trees" and feature music, comedy, theatre and poetry.
Bestival was first held in 2004 and is organised by Radio 1 DJ Rob da Bank.
Every year they encourage festival-goers and the artists to dress up - this year the theme is wildlife.
In recent years it has seen themes like fantasy, space, rock stars, pop stars and divas.
Rihanna appears with Jay-Z and Kanye West at London gig - BBC News
Jay-Z and Kanye West were joined on stage by Rihanna at the O2 Arena in London on Sunday night (20 May).
The rappers are set to play five nights at the venue.
Their Watch The Throne Tour will then move on to Switzerland, Germany and Denmark before returning to play various concerts in the UK.
Rihanna also attended Chelsea's celebrations at a London nightclub
More than 20,000 people watched as the pair ran through solo material and tracks from their multi-platinum joint album Watch The Throne.
Rihanna received one of the biggest cheers of the evening as a special guest.
The singer performed Run This Town and All of the Lights alongside the duo.
Also watching from a special VIP area was Kanye West's girlfriend, reality star and model Kim Kardashian.
The evening was rounded off with the rappers performing In Paris.
After returning for an encore they went on to do the track another five times.
Jay-Z is one of the headliners for Radio 1's Hackney Weekend in June with Rihanna topping the other night.
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