“Tim Cook, who marked his five-year anniversary as Apple Inc.’s chief executive officer on Wednesday, received shares valued at $373 million during that period as the iPhone maker’s stock doubled on his watch,” Bloomberg reports.
“When Cook took the helm in 2011, he was granted 1 million shares. Originally, 50 percent of those were scheduled to vest on his five-year anniversary, with the rest coming due after a decade with the company,” Bloomberg reports. “That changed in 2013, when Cook voluntarily tied one-third of the award to outperforming the S&P 500 Index and the shares began vesting annually.”
“That hasn’t slowed him down much. He’s received 98.6 percent of the units available to him in his first five years, according to data compiled by Bloomberg,” Bloomberg reports. “Those were valued at $373 million at Wednesday’s close — and he can still earn the same number of shares over the next half decade.”
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MacDailyNews Take: As Bloomberg notes, Cook has smartly used buybacks and dividend increases to help ensure that Apple stock outperformed the S&P 500 which, of course, serves the long-term interests of Apple shareholders.
Tim Cook set to receive over $100 million on 5th anniversary as Apple CEO – August 24, 2016