Home » Apple CEO Tim Cook About To Get $750-Million Richer With Final Payout

Apple CEO Tim Cook About To Get $750-Million Richer With Final Payout

by Bithika Mohanty

Ten years ago, when Cook took the responsibility of the company, he got a huge portion of its shares as part of his salary package. From these shares, he received about $750 million or over Rs 5,500 crore as the final payout.

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, 59, 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 percent, pushing the market value above US$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.

Apple was in the top third of companies in the cohort, with a total shareholder return of 191.83% over the past three years, ranking 13th out of 442 companies, according to the filing.

Since Cook became CEO in 2011, Apple stock has risen more than 1,200%.

Earlier this week, Cook donated almost $10 million worth of Apple shares to an unnamed charity, according to an SEC filing. Cook previously said he will donate his entire fortune to charity. An Apple representative didn’t respond to requests for comment.

According to the Bloomberg Billionaire Index, Tim Cook’s net worth is currently $1.5 billion. However, in 2015, Tim Cook said that he would donate all his wealth before his death. According to SEC data, at the beginning of this week itself, he has donated $10 million, or about Rs 75 crore.

Tim Cook’s 10-year salary package agreement has ended and now he has signed a new package deal till 2026.

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