By
Godfrey Benjamin
April 23rd, 2024
Cook’s formidable leadership has seen the Apple stock rising by over 1,200% in the previous decade.
Apple boss Tim Cook will get over 5 million shares of Apple as part of the bumper deal he signed after taking over from ex-boss Steve Jobs. The shares are believed to be worth $750 million in the filing made by Apple Inc (NASDAQ: AAPL). According to Bloomberg, the bumper payout will push Cook’s worth higher than the current $1.5 billion net worth.
Tim Cook and His Reward in Apple Shares
The bumper deal was part of the agreement Cook signed with Apple as part of the condition for taking the CEO job over a decade ago. The 2011 deal includes Cook getting most of the restricted shares if Apple’s performance skyrockets. The conditional agreement was triggered last week as Apple’s stock outshines other company’s in the S&P 500.
The sixty-year-old CEO signed a deal with Apple involving a year in year out payment. Last year, he received $114 million units of stocks as part of the yearly instalments. A similar compensation plan was signed between Cook and Apple last year, and it runs through 2026.
The SEC filing made by Apple placed ranked the company 13th out of 442 companies while the company has enjoyed a staggering 191.83% of shareholder return within the last three years.
Cook’s formidable leadership has seen the Apple stock rising by over 1,200% in the previous decade. Under his leadership, Apple has grown to become America’s first-ever company to reach a market capitalization of $2 trillion.
The CEO, popularly known for his philanthropic activities, decided to make a donation worth $10 million in Apple stock to an anonymous charity, as announced in the SEC filing.
Per Bloomberg, “He’s overseen significant expansion into online services, major acquisitions like Beats and Intel’s cellular-modem unit, a push into custom chips and technologies, wearables like AirPods and the Apple Watch, and major expansions to the iPhone and iPad lines. ”
Cook’s Numerous Challenges as CEO
Coming out as a gay a few years ago, the Apple CEO had faced quite a number of challenges since his decade-old career started with Apple. Cook and his Apple team have faced high-profile lawsuits from Fortnite developer Epic Games, whose ongoing lawsuit with Apple over app store fees is very much active. Fees from app stores are one of Apple’s most significant revenue makers, raking in $22 billion last year.
Over the years, challenges has also come from the US and even Europe. Apple has faced internal issues with its workers rebelling over company rules and directives to ensure corporate employees resumes office at least three times a week. Apple has also faced a round of attacks from being gender discriminative and racist at the hierarchical level.