Friday, October 15, 2021
HomeUSApple’s Tim Cook gets $750M payout as company’s stock skyrockets

Apple’s Tim Cook gets $750M payout as company’s stock skyrockets

Apple CEO Tim Cook is reportedly set to rake in $750 million this week in the final installment of the pay deal he signed a decade ago when he succeeded Steve Jobs.

Cook will be given 5 million Apple shares worth about $750 million, Bloomberg reported Thursday. The reward will provide a significant boost to the CEO’s current net worth of $1.5 billion, according to the outlet.

Part of Cook’s cash-in was reportedly based on Apple stock having outperformed at least two-thirds of companies in the S&P 500 index over the past three years.

Apple did not immediately reply to a request for comment.

Sixty-year-old Cook first took over from Steve Jobs in 2011, signing a monster pay deal that included generous stock payouts year after year, according to Bloomberg. In 2020, Cook made a $14.8 million salary and had $281 million worth of stock options that vested, according to the Hollywood Reporter.

Apple’s annual revenue has more than doubled during Cook’s tenure — and in December the company became the first US firm in history to reach a market capitalization of $2 trillion.

Tim Cook walking onstage with images of iPhones in different colors seen onscreen in the background
Tim Cook signed a monster pay deal that included generous stock payouts year after year when he took over the helm of Apple in 2011.
Getty Images

But Cook, who was born in Alabama and was the first Fortune 500 CEO to come out as gay, also faces a series of challenges ahead.

He has to lead Apple through antitrust pressure on several fronts in the US and Europe — including over lucrative app store fees that led to an ongoing high-profile lawsuit from Fortnite developer Epic Games. App store commissions represent a key source of revenue for the company, bringing in $22 billion for the company in 2020.

The Apple logo seen on the exterior of an Apple store, with a customer visible through the window in the background
Cook faces several challenges as he continues to lead Apple, including a lawsuit over its App Store fees as well as concerns lodged by lawmakers over antitrust issues.
Getty Images

Many Apple workers are also rebelling over the company’s push to bring corporate employees back into the office at least three days per week, while another employee group recently accused company leadership of systemic discrimination based on race and gender.



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments