Apple chief executive Tim Cook gets $750m payout

Apple chief executive Tim Cook gets $750m payout
Apple chief executive Tim Cook. Source: Reuters
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Daily US Times: Tim Cook, the chief executive of Apple, has received more than 5 million shares in the technology giant, as he marks ten years in the job.

A company filing with the US Securities and Exchange Commission (SEC) watchdog shows that Mr Cook sold most of the shares for more than $750m.

It is part of a deal Cok struck when he took over from Steve Jobs, the co-founder of the tech giant.

The award depended on how well shares of the company performed compared to other firms on the S&P 500 stock index.

Mr Cook was eligible for the award as the company’s shares had risen by 191.83% over the last three years, according to Apple’s filing with the SEC.

It also noted that since he became chief executive on 24 August 2011, Apple’s share price has increased 1,200%.

The producing company of iPhone, MacBook and iPad now has a market valuation of almost $2.5tn.

Mr Cook agreed to a new pay package last year that runs to the end of 2026.

A SEC filing also showed that earlier this week the Apple CEO donated almost $10m worth of the company’s shares to charity, without naming the recipient.

Mr Cook said in 2015 that he would donate his entire fortune before he die, and he is known to have donated tens of millions of dollars to charity.

He currently has a net worth of around 1.5 billion US dollars, according to the Bloomberg Billionaire’s Index.

Tim Cook has often spoken publicly about his concerns over issues including climate change, human rights and equality and HIV and Aids.

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