Steve Jobs left big shoes. Apple Inc. is betting $378 million that Tim Cook is the right guy to fill them.

That is the value of the annual pay package Mr. Cook was awarded last August, when he was named Apple chief executive, about two months before Mr. Jobs died. Nearly all of the compensation stems from a grant of one million shares of restricted stock, valued at $376.2 million, based on Apple's stock price at the time.

Mr....