Apple CEO Tim Cook gets $750M payload after 10-year agreement
Apple's shares have returned more than 1,100% over the past decade
Check out what's clicking on FoxBusiness.com.
Apple CEO Tim Cook is set to receive an estimated $750 million payout as part of a 10-year deal he received in 2011 after the late Steve Jobs, Apple's co-founder, stepped down from the position.
Cook raked in the cash after acquiring and selling 5.04 million Apple shares, according to calculations from Bloomberg.
APPLE CEO TIM COOK'S PAY JUMPED IN 2020 AS REMOTE WORK LIFTED PROFIT
A Thursday SEC filing shows that Cook was awarded the shares worth between about $148 and $150 on Tuesday and immediately sold them on Tuesday and Wednesday, as Market Insider first reported.
Apple Inc approached Japan's Nissan Motor Co Ltd in recent months about a tie-up for its autonomous car project, but the talks ended after disagreement over branding, the Financial Times reported. (AP Photo/Jeff Chiu, File)
Apple withheld approximately 2.65 million shares, or more than 52% of the total number of shares Cook received, "to satisfy tax withholding requirements on vesting of" retired stock units, according to the filing.
Cook's award was determined "based on Apple's total shareholder return (TSR), relative to the other companies in the S&P 500 over a three-year period from August 25, 2018 through August 24, 2021," the filing reads. TSR is determined based on change in a company's stock price over three years.
CLICK HERE TO READ MORE ON FOX BUSINESS
Apple's shares have returned more than 1,100% over the past decade since Cook assumed the role of CEO. The company's market cap surpassed $2 trillion in 2020, and Cook's net worth reached $1.5 billion, according to Bloomberg's Billionaire Index.
Cook has previously donated millions of Apple shares and said he plans on giving away most of his wealth.