Apple CEO Tim Cook has received a new package of rewards, the largest granted to him since 2011, the year he was appointed to the position. From 2023 to 2025.
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At the same time, as a separate package, Cook was given an additional 333,987 shares, all of which are conditional on meeting the goals set by the board, also here until 2025. Adherence to the maximum end of the targets will double the number of shares in the package, but missing the lower end will cut the height of the package, to a minimum of its complete cancellation.
Accordingly, in the scenario very likely for Apple’s continued success, by 2025 Cook will receive 1,001,961 million shares of the company (valued at the current price, $ 114.09, about $ 114 million). Following his appointment as CEO in August 2011, Cook received a grant of one million Apple shares.
A point worth mentioning: The implication of the package is that Tim Cook will likely continue to be Apple CEO for the next five years.
“Tim has brought with him to the role of CEO unprecedented innovation and focus, and demonstrated value-based and honest leadership,” the company’s board said in a statement. “For the first time in nearly a decade, Apple’s future as it continues to lead. “
Apple’s stock has soared in recent years, at a time when Cook has led launches of new iPhone models as well as watches and digital services. He even managed to curb the effects of the U.S.-China trade war and faced the consequences of the corona plague. Earlier this year, Cook became a billionaire, but he donates some of his fortune.
The new compensation package is in fact the first share grant granted to Cook since he was appointed CEO of the company in 2011. Cook, 59, did not express a desire to retire soon, but his replacement issue nevertheless came up for discussion at recent board meetings, according to a Bloomberg news agency report. A few weeks ago, Cook was asked how long he thought he would continue to head the company. “We’ll see,” he replied.
In addition to Cook, VP of Operations Jeff Williams, CFO Luca Mastery and General Counsel Kate Adams also received grants on similar terms to Cook, but in smaller quantities.
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