Apple awards chief executive Tim Cook stock worth $376m

Apple chief executive Tim Cook has been given shares worth $376m by the board in recognition for his new role at the firm, after he replaced Steve Jobs in August 2011 when the Apple co-founder stepped down for health reasons.

A filing with the Securities and Exchange Commission in the US revealed that Cook was awarded just under $378m in 2011, up from $54m in 2010 and a significant increase on the $1.6m he earned in 2009.

In the filing, the board said the shares awarded to Cook would be made available to him in the future at five and ten-year intervals as an incentive to keep him.

"The board views Cook's retention as chief executive as critical to the company's success and smooth leadership transition," it said.

"The [restricted stock option] award is intended as a long-term retention incentive for Cook and, accordingly, should be viewed as compensation over the 10-year vesting period and not solely as compensation for 2011."

Since becoming chief executive, Cook has overseen the unveiling and launch of the iPhone 4S, which saw huge sales in its first few days on the market. He is expected to play an integral part in the coming 12 months as the firm prepares both the iPhone 5 and iPad 3.

Cook can also draw on the support of Apple's chief designer Jony Ive, who was recently knighted for his work developing some of the best-known products in the world, with Jobs calling him his "spiritual partner" in the biography of his life published last year.