This week, Apple CEO Tim Cook is set to collect the 10th and final payout from the deal he received when he took over from Steve Jobs 10 years ago. As reported by Bloomberg, Cook will this week collect around 5 million AAPL shares worth $750 million.
The report details that this is the tenth and final payout from the pay deal Cook received when he became Apple CEO in 2011. Part of the payout was contingent upon Apple’s stock return “surpassing at least two-thirds of companies in the S&P 500,” something that Apple has easily accomplished.
When he succeeded Jobs 10 years ago, some observers doubted that the technocratic Cook could match his predecessor’s star power and continue Apple’s successful streak. But on his watch, the company’s revenue has more than doubled and its shares returned more than 1,100%, pushing the market value above $2 trillion. The shares have risen about 12% this year.
Tim Cook has an estimated net worth of $1.5 billion, according to the Bloomberg Billionaires Index. Cook revealed in 2015 that he plans to give away all of his wealth during his lifetime, after providing for the college education of his 10-year-old nephew.
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.
He regularly donates AAPL shares to undisclosed charities. The vast majority of Cook’s wealth has come from equity awards he’s received since joining Apple in 1998.
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