The Cupertino based company’s CEO, Mr. Tim Cook has reaped the benefits of his contract to the fullest by making a whopping $373 Million
Apple Inc. (NASDAQ:AAPL) CEO, Tim Cook has over the period of his 5 year tenure, raked in a staggering $373 Million in stocks. Bloomberg states that CEO received 98.6% of the units which were available to him in five year stint thus far and can stand to earn the same amount over the remainder of his tenure.
As discussed in a previous article on TheCountryCaller, the Apple CEO stood a chance to earn more than a $100 million stock bonuses tied to his contract with aspects related to performance and longevity. According to Bloomberg, the company met the required rating as it gave a 61% return over the past three years.
Mr. Cook also took matters into his own hands at times by announcing stock splits at times when sales slowed to make sure the company outperformed the S&P 500. Growth was reignited when he issued a share-buyback program just before he introduced the iPhone 6.
At the time of his appointment, the CEO voluntarily changed the terms of his bonus contract to a performance based return rather than getting a specified amount in two installments over the 10 year tenure. The Apple board of directors took this as a positive and announced that Tim Cook’s example shall be taken forward and the future CEO’s will also have a performance based, rather than an installment of stock bonuses.
The CEO also stated that he would give off most of the amount to various charities and also to pay off for his nephew’s education. Tim Cook isn’t the first CEO in a long list of CEOs to have given away their fortune in various philanthropist projects with Bill Gates, Michael Bloomberg and Mark Zuckerberg also in the list.
Subsequently, as successful as the company has been under the leadership of Tim Cook, the innovative side in the Apple devices have seen a hit as Mr. Cook has been criticized of not introducing ideas which are game changers. Rather, he has simply taken the safer way around things and kept making his way through the business. Apple has, however, seen the most successful period of its company under the guidance of Mr. Cook.