New Apple boss tunes into £235m

The new chief executive of Apple has received an eye-popping share award of $384m (£235m) as he prepares to take over from Steve Jobs, who quit last week.

Tim Cook has been given one million shares in the computer giant. Half of these will vest in 2016 and the remainder in 2021, as long as he remains employed at Apple.

Apple's share price closed last week at $383.58 – but the payout for Mr Cook, who joined in 1998, could ultimately be worth much more than £235m if Apple's stock continues to rise.

Since Mr Jobs returned to Apple in 1997 its shares have risen by 9,000 per cent on the success of its iPod, iPhone and iPad devices.