Steve Jobs $1, Tim Cook $100 Million 'Silicon Valley Jackpot'

Apple's co-founder and former CEO, the charismatic Steve Jobs used to get $1 as annual salary while he was in office, but his successor seems to have have hit a jackpot altogether. From March 2012, Apple's current CEO Tim Cook is to get hold of a vesting of stock valued at nearly $100 million, according to a study reported by the Wall Street Journal. Out of this, $83 million worth of grant (at today's stock price) will be vested from March 24.

Of all the Silicon Valley executives who have a vesting event scheduled for the first quarter of 2012, the one who stands to reap the most is Apple Inc. Chief Executive Tim Cook, the study found. Mr. Cook has portions of two restricted-stock-unit grants—including one he received for filling in for Steve Jobs when the co-founder was on medical leave—vesting in the first quarter. As of Apple's closing stock price on Dec 30, those vesting shares of Mr. Cook's were worth $96.2 million, according to the study.

This vesting stock is separate from 1 million share units given to Cook as he officially took on the role of CEO. The worth of that grant is a whopping $415 million, but it will be not encashed for a number of years.

As Apple board members are now willingly opening their wallets for Tim Cook, the latter is also being expected to surprise the world in 2012. One of them will be iPhone 5 definitely!