US$1M Per Day for Tim Cook

Apple chief executive Tim Cook appears to be having the time of his life. The Apple head is reportedly raking in as much as US$1 million per day, thanks to his stock options. Cook has also topped the 2011 list of best-paid CEOs.

Last year, Cook earned US$378 million, which amounts to literally a million a day. Almost all of his earnings came from restricted stock grants. The chief executive’s annual salary is only 90 US cents and his annual incentives are also 90 cents.

Oracle head Larry Ellison is a distant second in the best-paid CEOs. In 2011, he received US$76 million. CBS head Leslie Moonves came in third with US$69 million. JC Penney chief is fourth at US$47 million.

Other CEOs who made it to the top 10 list came from Motorola Mobility, Citigroup, Motorola Solutions, Walt Disney, Viacom, and Ford Motor.

Hay Group for the Journal conducted the study, covering 300 of the largest US public companies.

Cook joined Apple in 1998 as senior vice president for the company’s worldwide operations. He also served as EVP for Worldwide Sales and Operations. Prior to joining Apple, Cook worked for IBM as North America Fulfillment director. He was in IBM for 12 years.

Cook was largely credited for reducing Apple’s inventory levels and streamlining its supply chain system. He was named chief operating officer in 2007.

Cook served as Apple CEO on and off from 2004 to 2009. When Apple founder Steve Jobs went on several medical leaves for his pancreatic condition, Cook stepped in.

When Steve Jobs tendered his final resignation in August 2011, Cook was named CEO. Jobs died in Oct. 5, 2011.