Apple CEO Tim Cook is set to receive 560,000 Apple shares on Monday, worth $278.6 million as of Friday’s close — his annual take from a compensation award he received after succeeding Steve Jobs.
In late July, the company reported a record third quarter. The firm’s stock soared, pushing his net worth above $1 billion less than two weeks later. And, last week, Apple’s market value eclipsed $2 trillion.
His annual payouts are partly tied to continued service, while the remainder pays out in relation to how well Apple’s stock does relative to other companies in the S&P 500 index over three years.
As of Friday, the company’s return over that period, including reinvested dividends, was roughly 225%, better than the vast majority of firms in the index, according to data compiled by Bloomberg. That puts him well above the threshold for the payout.
MacDailyNews Take: Last year, Tim Cook donated more than $5 million worth of Apple stock to an unspecified charity. Last week, according to a U.S. Securities and Exchange Commission filing, Cook again gifted more than $5 million worth of Apple stock (10,715 shares) to an unspecified charity.
He plans to give away all his wealth, after providing for the college education of his 10-year-old nephew. There should be plenty left over to fund philanthropic projects… Cook says that he has already begun donating money quietly, but that he plans to take time to develop a systematic approach to philanthropy rather than simply writing checks. — Adam Lashinsky, Fortune, March 26, 2015