It sure does pay to be the boss! Apple granted its Chief Executive a pretty big payday on Thursday. As an award for his decade with the company, stepping into the shoes of his predecessor Steve Jobs, Tim Cook received and sold more than $750 million from stocks.
A regulatory filing from the Securities and Exchange Commission revealed that Cook received shares of the prolific company's successes in the stock market. The humongous reward was part of the compensation package that was was set in place upon his taking over Steve Jobs' role at the company in 2011.
Though Cook received the maximum amount based on the agreement, the company had to withhold about 2 million of its stocks - worth nearly $400 million - due to tax reasons. This left the CEO with about $355 million in the end. A new compensation package was signed back in 2020 that extends through 2025.
"Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity," a board of directors at Apple said in a statement regarding the new package.
The generous award reflected Apple's massive success in the stock market under Cook's direction. According to CNN, the company's performance in the S&P 500 from 2018 to 2021 nearly 192% of shareholders returns. During the pandemic, Apple made a killing in the stock market, with its shares reaching $151.12 - a new record for the company. Under Cook's leadership, Apple's stocks rose a whopping 440%.
Like the savvy business tycoon he is, Cook took no haste in selling the stocks once he collected his reward. The SEC filings detailed the stock's prices from $148.30 to $149.97.
Cook, who finally reached billionaire status last year, vowed to give a large chunk of his $1.5 million wealth to charity. Just days before his $355 million pay day, he donated around $10 million from 70 thousand of Apples shares to an undisclosed charity. Recently, he donated $4.1 billion from his company Berkshire Hathaway to another charity organization. In 2019, after donating another $5 million, he tweeted about his plans to use his money towards fighting the wildfires of the Amazon rainforests.
As Cook has been an adamant supporter of such social issues as human rights and HIV/AIDs protection, it can be almost certain that a handful of organizations with these sentiments in mind will likely be receiving a pretty hefty donation from his in the near future.
Sources: CNBC, CNN, Market Business