Apple CEO Tim Cook this week will collect $750 million as part of the final payout from a deal he received a decade ago. The final tranche of the deal, which had come to be when Cook took over the CEO role from late Apple founder Steve Jobs, will come in the form of some 5 million shares that are being sold for approximately $750 million.
Soaring Stocks Over The Years
The news was first reported by Bloomberg News, and claims that part of the payout had been contingent on Apple Inc’s stock return in the past three years being greater than at least two-thirds of the companies in the S&P 500. And good for the company, it has crossed that milestone by a landslide, year after year.
With its soaring stocks making it one of the biggest players in the industry, the tech giant’s 60 year old CEO has been able to collect huge payouts over the years, which have resulted in him becoming a billionaire, with a net worth of nearly $1.5 billion.
The news of the recent payout which is worth three quarters of a billion, was shared by the company itself, in a filing with the US Securities and Exchange Commission (SEC). This time around, Apple’s shares have risen a total of 191.83 percent over the past three years, making Cook eligible for the award. Meanwhile, share prices have also gone up by a mind-bogging 1,200 percent since August 24, 2011, when he took over as chief executive. Apple’s Markey valuation has ballooned to an impressive $2.5 trillion under his leadership.
The continuing success seems to have been the reason that spurred Tim Cook to agree to a new pay package, which runs to the end of 2026.
A Man With A Good Heart
Additionally, an SEC filing also shows that just earlier this week, Cook had donated Apple shares worth nearly $10 million to charity, without naming the recipient. So it seems like Mr. Cook is holding on to his promise of donating all of his fortune before he dies, that he had made in 2015.
Apart from donating to charity, Mr. Cook has also been seen being vocal about a number of social issues, from climate change, fo HIV-AIDS. He is also a major proponent of human rights and equality. Other biz tycoons who are known to devote a significant chunk of their time to charity are Microsoft co-founder Bill Gates, and investment giant Warren Buffet.
