Apple CEO Tim Cook cashed in on $750 million this week, as he marked 10 years in the role.
According to an SEC filing, Cook acquired more than 5 million shares of Apple stock as part of the compensation package he received when he took over Steve Jobs’ role as chief executive a decade ago.
CNN Business reports a portion of the incentives was tied to Apple’s performance in the S&P 500 over the past three years. That part was triggered this week after the tech giant, which is currently the world’s most valuable company with a market valuation of $2.4 trillion, was one of the top performers on the index, generating shareholder returns of nearly 192 percent from August 2018 to 2021.
The news arrives just over a year after Cook became a billionaire. He has a current net worth of $1.5 billion, with an annual salary from Apple of $3 million. Last week, he made headlines after donating a total of 70,000 shares in Apple, worth $10.4 million, to an undisclosed charity.
Cook joined Apple in March 1998, appointed senior vice president for worldwide operations. He later served as the executive vice president for worldwide sales and operations, before he was made chief executive in August 2011, just two months prior to Jobs’ death in October of that year.
In 2014, Cook became the first chief executive of a Fortune 500 company to publicly come out as gay.
This week actor/soccer player Cristo Fernández of Apple TV+’s mega-hit Ted Lasso shared an amusing anecdote about accepting effusive praise from Cook at the premiere without realizing he was talking to the Apple CEO:
