Tim Cook is poised to hit pay dirt — again. This week, the Apple CEO will collect the 10th and final tranche of the pay deal he received a decade ago after he took over the top job from co-founder Steve Jobs.
The haul consists of about five million shares worth roughly US$750-million (R11.2-billion). Part of the payout is contingent on Apple’s stock return over the past three years surpassing at least two-thirds of companies in the S&P 500 — a threshold the iPhone maker cleared by a wide margin.
Apple’s soaring stock price has allowed Cook, 59, to collect top payouts year after year and made him a billionaire. He currently has a net worth of about $1.5-billion, according to the Bloomberg Billionaires Index.
When he succeeded Jobs 10 years ago, some observers doubted that the technocratic Cook could match his predecessor’s star power and continue Apple’s successful streak. But on his watch, the company’s revenue has more than doubled and its shares returned more than 1 100%, pushing the market value above $2-trillion.
The Apple executive said in 2015 that he plans to give most of his fortune away and has already donated millions of dollars worth of Apple shares. — Reported by Scott Carpenter, (c) 2021 Bloomberg LP