Apple CEO poised to get US$750M final payout from award
Tim Cook is poised to hit pay dirt — again.
This week, the Apple Inc. chief executive officer 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 5 million shares worth roughly US$750 million, according to calculations by Bloomberg News. 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, 60, to collect top payouts year after year and made him a billionaire. He currently has a net worth of about US$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 per cent, pushing the market value above US$2 trillion. The shares have risen about 12 per cent this year.