Tim Cook received his annual stock payout yesterday, the value of which is based on both continued service as CEO and the performance of AAPL against comparable stocks.
With AAPL trading at record highs, that entitled him to 560,000 shares with a value yesterday of around $278M …
BNN Bloomberg reports.
Cook will receive 560,000 shares […] worth a combined US$278.6 million as of Friday’s close — his annual haul from an award he got nine years ago after succeeding Steve Jobs.
It’s the latest in a string of victories for Cook, who was named chief executive officer of the iPhone-maker nine years ago. In late July, the company reported a record third quarter. The firm’s stock soared, pushing his net worth above US$1 billion less than two weeks later. And, last week, Apple’s market value eclipsed US$2 trillion […]
His annual payouts are partly tied to continued service, while the remainder pays out in relation to how well Apple’s stock does relative to other companies in the S&P 500 index over three years.
As of Friday, the company’s return over that period, including reinvested dividends, was roughly 225 per cent, better than the vast majority of firms in the index, according to data compiled by Bloomberg.
Bloomberg recently reported that Cook had become a billionaire, though it did recognize that this may not be the case if Apple’s CEO has made undisclosed charitable gifts.
An SEC filing spotted by MacRumors reveals that Cook last week donated 10,715 shares to an undisclosed charity. As of the date of the transaction, August 20, that would put their value at a little over $5M. The gain in value since then means that the shares were worth almost $5.4M as of yesterday’s close.
Cook revealed in 2015 that he plans to give away all of his wealth during his lifetime.
Cook says that he has already begun donating money quietly, but that he plans to take time to develop a systematic approach to philanthropy rather than simply writing checks.
He regularly donates AAPL shares to undisclosed charities.