“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!
SEE ALSO:
Marissa Mayer will pocket $186 million when Verizon fully acquires Yahoo next month – May 26, 2017
Apple cuts CEO Tim Cook’s pay after company misses 2016 targets – January 6, 2017
How Apple’s compensation tweak saved Tim Cook’s $373 million payday – August 26, 2016
Apple’s Tim Cook reaped $373 million in stock in 60 months as CEO – August 25, 2016
Tim Cook set to receive over $100 million on 5th anniversary as Apple CEO – August 24, 2016