“A rosy forecast for iPhone sales that helped push Apple Inc.’s stock to a record high Wednesday edged Chief Executive Officer Tim Cook closer to reaching the top threshold for his fiscal 2017 performance award,” Anders Melin reports for Bloomberg.
“Cook, 56, will collect 280,000 shares on Aug. 24 if total shareholder return over three years beats at least two-thirds of the companies in the S&P 500,” Melin reports. “If Apple falls in the middle third of index members he gets half that amount, and none if it lands in the bottom third.”
“As of Tuesday’s close, Apple’s stock had returned 56 percent, close to the border between the middle and top tiers, with 140,000 shares hanging in the balance,” Melin reports. ” Then the firm posted strong third-quarter results and boosted its revenue outlook for the fiscal year, sending the shares to new heights on Wednesday. Apple surged 4.7 percent to $157.04 at 11 a.m. in New York, the third-biggest gain in the S&P 500. The daily advance puts Cook firmly within reach of his full performance award, currently worth $44 million.”
Read more in the full article here.
MacDailyNews Take: Hopefully, for Apple’s shareholders, it won’t even be close!
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The disparity astounds. Any human being does not deserve millions of dollars in value in bonuses for any reason when many of my industriously poor friends are on minimal Supplemental Social Security. Cook is already secure enough multiple times so he should decline. After he declines, other undeserved mangers should take the hint and also decline. I am fortunate that I can afford his gadgets.
Our economic system of weights and measures is extraordinarly distorted and dysfunctional. Short-term Wall Street emphasis on earnings at any cost has contributed to extreme wealth disparity and environmental havoc. In the end everyone loses from this scenario.
BTW dead-zone in Gulf of Mexico now largest ever measured thanks to Tyson Foods. And the Wall St beat goes on and on
http://www.iflscience.com/environment/record-breaking-dead-zone-in-gulf-of-mexico-due-to-meat-industry/
He deserves every penny !
But most dogmatized ones will feel jealous and find it unfair.. ….
Its not a handout folks… its earned !
You go do it if you can ….
Sounds like a well-known’s fairly recent proclamation, “I do think at a certain point you’ve made enough money.” It’s always puzzling when others feel the need to control another’s wallet.
Apple loving aspirants to the 1% whose role model 1%er, for example, could be Tim Cook since he’s the subject in the article, are likely never to reach that status of wealth acquisition. All that most aspirants here can do is drool over his luck, but even all of his apparently hard work does not warrant that that human being posess approx. 1/2 billion in quantative easing-based currency and in stocks, his current worth.
No single person is truly worth that much money. With $44 million, I could lead a team of engineers to redesign the Mac Mini and fix a million other dumbass decisions that Cook and his team have made. Apple used to be more focused on delighting users. Not anymore, the fish is rotting from the head. All that money Apple and its executives are stashing in tax havens isn’t doing a damn bit of good for those longtime users who are spending more and more time fixing and patching Apple products that used to just work. Not cool.
How much $$ is a person worth (strange equation imo)? Is he not worth the record setting $$ he’s bringing into Apple on behalf of customers and shareholders? Many, many people think so. I have difficulty imaging having that kind of income, but fairness isn’t a part of the thinking.