updated 03:45 pm EDT, Mon May 21, 2012
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Apple CEO Tim Cook was the highest-paid CEO of 2011, according to a study released by the Hay Group and the Wall Street Journal. Cook's package for the year was valued at $378 million, although most of it is locked up in the form of stock grants issued after he took control from Steve Jobs in August. The first half of the shares will vest in 2016; the remainder will follow in 2021, contingent on Cook staying with Apple.
Second on the list was Oracle's Larry Ellison, who took home $76 million, again mostly in the form of stocks. CBS' Leslie Moonves took in $69.3 million, of which $30 million was actually part of a bonus. JC Penney CEO Ron Johnson -- formerly Apple's head of retail -- brought in $53.3 million in restricted stock, while Motorola Mobility CEO Sanjay Jha grabbed $46.6 million, mostly in terms of stock options.
Corporations regularly use stocks as a way of ensuring the loyalty and performance of their executives. While a number of executives have left Apple since Cook assumed power, Cook himself has been with the company in different jobs for many years, and is now effectively the public face of the business.