Apple CEO Tim Cook wraps up a decade in charge with a $ 1 billion prize
Tim Cook, Apple’s chief executive, will collect the 10th and final tranche of the salary deal he received a decade ago after he took over from co-founder Steve Jobs this week.
The loot consists of about 5 million shares worth about $ 750 million ($ 1.04 billion), according to calculations by Bloomberg News. Part of the pay is dependent on Apple’s stock performance over the past three years exceeding at least two-thirds of companies in the S&P 500, a threshold the iPhone maker exceeded by a wide margin.
Apple’s rising stock price has allowed Cook, 60, to collect the best payments year after year and has made him a billionaire. He currently has a net worth of about $ 1.5 billion, according to the Bloomberg Billionaires Index. The Apple executive said in 2015 that he plans to give away most of his fortune and that he has already donated millions of dollars in Apple stock.
Cook initially joined Apple in the late 1990s after stints at Compaq and IBM. He quickly became Apple’s chief operating officer and Jobs’ number two. Despite how great Jobs was at dreaming up the next great product, Cook was an expert at making those devices happen, both in manufacturing and in distribution.
When he succeeded Jobs 10 years ago, some observers doubted the technocratic Cook could match the star power of his predecessor and continue Apple’s successful streak. But during his tenure, the company’s revenue has more than doubled and its shares have performed more than 1,100 percent, pushing the market value above $ 2 trillion.
He has overseen a significant expansion in online services, fueled major acquisitions such as Beats and Intel’s cellular modem unit, a push toward custom chips and technologies, wearable devices such as AirPods and Apple Watch, and major expansions to the iPhone and iPhone lines. iPad.
His tenure, however, faced setbacks such as the failed launch of his own Maps app in 2012, which was largely rectified, criticism over the company’s tax payments and the tax deal with Ireland, and a public dispute with states. States on Smartphone Encryption.