Earlier on August 23, Beijing time, Tim Cook, Apple's chief executive, will receive about $120 million worth of stock this week, thanks to a rise in the company's share price.
On Friday, Cook will continue to receive 280 thousand stock awards as chief executive. By convention, if Apple's stock market returns in the past three years exceeded at least two-thirds of the S& P 500, he would get an additional 280,000 shares.
From August 25 to Tuesday, 2015, Apple's return was 119%, including reinvestment dividends, outperforming 80% of the S&P 500. Unless there is a major crash this week, Cook will receive the largest share of stock award in fifth years.
In 2015, Cook said he planned to donate most of his personal property to charity. On Tuesday, a regulatory document submitted by Apple showed that Cook had donated 23215 shares of apple stock.
Since taking over from Steve Jobs in 2011, Cook, 57, has been able to get a staging bonus each year from the huge returns on restricted stocks. At Cook's request in 2013, the board's remuneration committee linked a third of the shares to Apple's relative stock performance compared with the broader market.
At the beginning of this month, apple became the first company in the us to have a market value of 1 trillion dollars. At the time of Jobs's death, Apple's market capitalization was 350 billion dollars.
"I really didn't think about it," Cook said in an interview Tuesday. "From the way we manage it, I always think of Apple as a small company."
Last year, nearly half of Cook's 560,000 shares were withheld to pay taxes, and the rest were sold, leaving him with a net profit of $43 million. In addition to stocks, Cook earned a salary of $3 million in 2017 and a cash reward of $9 million 330 thousand. Since 2011, Cook has not received any new equity awards.
According to Bloomberg data, Cook is currently worth about $700 million. (wood)
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