Tim Cook Lands Fresh Pay Package
|Photo credit: tua ulamac on Flickr, licensed under Creative Commons|
Tim Cook, the Chief Executive of technology giant Apple, has been granted a new pay package that’ll run from this year through 2025, as indicated by a filing submitted to the U.S. Securities and Exchanges Commission (SEC) by Apple. According to the filing, Tim Cook will receive 333,987 units of restricted stock that’ll vest in thirds on an annual basis beginning 2023. The Apple CEO has also clinched a separate pay package of 333,987 units of stock that’ll vest in 2023 and with an option to double if Apple meets certain performance targets. Under the compensation plan, Cook could pocket as much as 1 million shares over the next five years, shares worth $114 million going by Apple’s current (as of writing) trading price of $114, and with even more potential to grow if Apple’s share price climbs over the next five years.
Cook, who took up the CEO position at Apple in 2011, has been handsomely paid over his career and just recently bagged a $280 million stock bonus as part of an equity award granted in the very year he became CEO. In fact, he’s estimated to be a billionaire (Bloomberg rankings) thanks to a handsome compensation package through his nine years as Apple’s CEO coupled with the company’s soaring stock and, in turn, market capitalization. For reference, Apple ended the year 2011 with a market capitalization of $377 billion but has since soared to a current market capitalization of roughly $2 trillion. In 2011, Apple recorded $108 billion in revenues, compared to $260 billion in 2019.
A yet another significant stock grant for Tim Cook signals confidence in his leadership by Apple’s board. Cook has throughout his career been one of the highest paid chief executives globally, now with a payment contract to stay through 2025. If he stays till that year, he’ll mark a 14-year tenure that makes him Apple’s longest-ever serving CEO after the late Steve Jobs.