“The iPhone 8 hasn’t even been launched yet but already it has one big, big winner,” Brett Arends reports for MarketWatch. “That would be Tim Cook, Apple’s CEO.”
“Cook will receive a $89.6 million bonus next week, based on MarketWatch calculations using information in Apple’s proxy statement,” Arends reports. “Buzz about the forthcoming phone has set Apple stock on fire this year, sending it up 39.5% and pushing the company’s stock-market value closer to $1 trillion. And that has come not a moment too soon for Cook.”
“Cook is in line to get a huge chunk of restricted stock units every year under the terms of his contract, but this year’s award was in peril before the latest rise in the stock price,” Arends reports. “Cook gets the full award each year so long as Apple is in the top third of the S&P 500 over the performance period — meaning it comes just 167th or better.”
Read more in the full article here.
MacDailyNews Take: As Arends mentions, Cook volunteered to introduce a performance-related element to his own awards back in 2013. Cook has also stated plans to donate his fortune to philanthropic causes.