“Apple Inc. Chief Executive Officer Tim Cook collected 560,000 shares, half of them linked to the company’s performance and the maximum allowed under the iPhone maker’s long-term compensation program,” Anders Melin reports for Bloomberg.
“The award was worth $89.2 million when it was granted on Thursday, based on Apple’s $159.27 closing price. He received the performance-linked stock because Apple shares outperformed at least two-thirds of businesses in the S&P 500 Index over three years, according to a regulatory filing Monday,” Melin reports. “It’s Cook’s fourth consecutive payout at the top threshold.”
Cook, 56, receives annual payouts from a giant stock award he got after succeeding Steve Jobs in 2011, which was set to vest in two phases over a decade,” Melin reports. “For the three years ended Aug. 24, Apple shares returned 71 percent, ranking it in the 81st percentile among index members, according to the filing.”
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MacDailyNews Note: 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.