“Apple Inc.’s Tim Cook is set to collect stock worth about $120 million this week thanks to a run-up in shares of the iPhone maker,” Anders Melin reports for Bloomberg. “On Friday, Cook stands to receive 280,000 shares tied to his continued service as chief executive officer. He’ll get as many as 280,000 additional shares if Apple’s stock-market return over the preceding three years exceeds at least two-thirds of the firms in the S&P 500.”
“Apple returned 119 percent from Aug. 25, 2015, through Tuesday’s close, including reinvested dividends, outperforming more than 80 percent of companies in the index,” Melin reports. “Barring a major collapse this week, that all but ensures Cook will collect the maximum number of shares for his fifth consecutive payout at the top end of the range.”
“Last year, about half of Cook’s 560,000 shares were withheld to cover taxes. The rest were sold, netting him about $43 million. Aside from the stock, Cook also gets a $3 million salary and earned a $9.33 million cash bonus in 2017. He hasn’t received new equity grants since 2011,” Melin reports. “The CEO is currently worth about $700 million, according to data compiled by Bloomberg.”
Read more in the full article here.
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.
As Bloomberg notes, an Apple regulatory filing yesterday with the U.S. SEC (FORM 4) stated that Cook had donated 23,215 of his current Apple shares to charity which at yesterday’s close totals around $4.56 million.
SEE ALSO:
Apple CEO Tim Cook paid close to $102 million for fiscal 2017 – December 28, 2017
Tim Cook reaps $89.2 million stock award – August 30, 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
Steve as iCEO took a dollar in salary if I remember correctly. Certainly, the charitable donations are admirable …
Should he and others in like leadership positions take a smaller salary and the difference then be divided as a wage increase to others at Apple?
Should it be implemented by law, or? Is Tim a hypocrite for silently accepting the wage in light of his other “fairness” concerns?
Yes, Cook and other dept. heads like Angela should accept a modest salary and give the rest back to employees or charity. Cook is good at the talk, but not always the walk …
So, he should just decide to accept a modest salary, or should there be some sort of law?
What the H is “modest”? 50 million?
Off the top of my head modest could mean making no more than the President at $400,000. Trump declined a salary and Jobs made one dollar a year which is admirable for both. Although it will never happen, seems fair the higher salaries should go to the people in the the trenches creating, designing and building products that make a company rich. Not to connected caretaker CEOs the world over riding first class on the gravy train. Fair enough? …
Sometimes I wonder if you’re just a kid, since your ideas are so naive. It sounds like a wonderful idea that people shouldn’t make more than the President, but the President gets a ton of non-monetary compensation, flying with security details on two 747s. People have been suggesting that people not make more than the President since Babe Ruth said he made more than the President in 1930, though it may have been apocryphal.
The reason why no one takes this notion of no-one making more than the President, is because the US is a capitalist economy. We pay what the market will bear. If you capped Apple’s CEO pay at $400k, then, you wouldn’t be able to attract the best and brightest. Not necessarily because people are greedy, but because that’s how we measure a person’s contribution to a company’s success.
Apple is the must valuable company in the World, it stands to reason that its successful CEO would be highly compensated. If you have a problem with Tim, you should try to get a vote on the shareholders’ meeting to get Tim replaced. All of this moaning on MDN is just boring, “Fair enough?”
“ If you capped Apple’s CEO pay at $400k, then, you wouldn’t be able to attract the best and brightest.”
You call hand picked insider promotion to CEO the “best and brightest?” I don’t think so, Job’s biggest mistake. But to answer your point, if every CEO salary was capped at $400,000, someone would still take those jobs and the best would win.
I guess you missed the part in my post that it will never happen. You also missed my MAIN POINT, “the higher salaries should go to the people in the the trenches creating, designing and building products that make a company rich.” Pie in the sky and naive, yes indeed …
might want to work together GoeB. She’s working on a bill that would advocate corporate pay equality.
It’s called, “Accountable Capitalism Act.”
In order to hire away Angela, Apple had to replace her pending stock awards from her old company. That’s why her compensation package appears to be so exhorbitant.
… and to date, the value Apple has gained from Angela remains well in the negative territory. She should have stayed at the UK shirt maker.
They that stipulation should be in the signed employment contract because future promises from a wealthy duke are not reliable.
$120,000,000.00! That would buy a lot of boys!
As a founder, Steve had already made his fortune by the time he had returned in 1996. That’s when he took a salary of $1, so he could be on the health plan. Later, he received a Gulfstream jet, and something like 800,000 RSUs. Tim deserves what he gets.
“Tim deserves what he gets.” See my post at 12:16, above …
You can be assured that Cook will skim off all the cream he can in order to dole out the cash to causes that will personally offend you. Just as greedy and self-centered as every other corporate executive.
Hey Bottie —
Even _you_ must be starting to figure it out by now. Right?
He’s floating in a bottle in the Pacific_duh.
He’s put the cap back on in light of the HI hurricane warnings.
Rather than paying dividends to shareholders, corporations buyback stock to but their executive’s stock options “in the money” to make them a fortune.
Apple no longer issues options.
No, CEO Cook now calls them “Performance Incentives” where stock is just handed to him and his cronies instead of being given stock options. Same result, different name. Cook is doing what every other self-serving executive does. Wall Street stock games instead of continued focus on delivering best in class product design and service to the customer.
He has this financial value due to the legacy and success built from the past works of Steve Jobs and the other former valuable team members who contributed.
Tim Cook is to busy being political and other non-related Apple business ideas to continue the legacy building Steve Jobs created.
If you ask me, Steve Jobs and the Apple employees are deserving of the financial stock value. RIP Steve Jobs!
I wonder when that “at a certain time” will he apply to himself?!?
The planted puppet,, the all talk no walk hypocrite ……. the big divider !
You have earned enough ‘i think’ , give me the rest. ……. epitome of freeloadeing.
“I think “……… Who the F are you to decide what i can or cant earn.
Dangerous! Very !
Tim gets what the market is willing to pay for him.. not a dime more!
All this talk of controlling ceo pay sounds like left, socislist, controlled market babble … from a bunch of jealous , self entitled freeloaders.
Hey.. if you can go earn it…no one is stopping you !
( and cut the bs about Steve’s 1 dollar pay….he earned a shit load from stock options and such…. just like Tim )
The market is rigged. Executives set their own pay. These huge sums should be returned to the owners of the company – that is the shareholders. That is what popular capitalism is supposed to be about – a shareholding democracy where the profits of companies are shared with the shareholders, nationwide.
Execs do not set their own pay, unless it’s Elon Musk. The Board sets pay. I’m a shareholder, are you? I have no problems with Tim’s compensation.
Of course I am a shareholder. Boards set pay but execs all sit on each other’s boards, bidding up their packages. An exec does not set their own salary but other execs do. It’s an unhappy merry-go-round. If those on the right do not get a grip of it, it will undermine further popular capitalism and result in yet further agitation for further left measures.
Quite a payout for a visionless caretaker.
– $3 million salary
– extensive benefits and perks to cover all living, healthcare, transportation, meal, etc expenses
– $9.33 million cash bonus
– 560,000 shares of AAPL
Meanwhile many other critical non-executive Apple employees are unable to find affordable housing. Apple/Foxocnn ssemblers living on communist China live in dormitories and have no personal lives. T-shirt retail employees are undertrained iCloud pushers with surprisingly few opportunities for advancement.
How nice. Feudalism is alive and well.