Thursday, Dec 8, 2022
International Finance
Business Leaders

Apple’s Tim Cook gets $89 million stock payout

The payout is part of the huge welcome package that Apple gave Tim Cook after he succeeded Steve Jobs in 2011.

Apple Inc. CEO Tim Cook received company stock worth $89 million last week after hitting a key performance target, according to a regulatory filing Monday.

The award was worth $89.2 million when it was granted on Thursday, based on Apple’s $159.27 closing price. He received the performance-linked stock because Apple shares outperformed at least two-thirds of businesses in the S&P 500 Index over three years, according to a according to a regulatory filing Monday. It’s Cook’s fourth consecutive payout at the top threshold.

Earlier this month, Apple posted stronger-than-expected quarterly earnings, and the tech giant is expected to unveil its highly anticipated new iPhone at an event Sept.

Read More: Apple TV with 4K and HDR support reportedly coming this fall

Timothy Donald Cook is an American business executive, industrial engineer and developer. Cook is the Chief Executive Officer of Apple Inc., previously serving as the company’s Chief Operating Officer, under its founder Steve Jobs.

Apple Inc. is an American multinational technology company headquartered in Cupertino, California that designs, develops, and sells consumer electronics, computer software, and online services.

The company’s hardware products include the iPhone smartphone, the iPad tablet computer, the Mac personal computers, the iPod portable media player, the Apple Watch smartwatch, Apple TV digital media player and HomePod smart speaker. Apple’s consumer software includes the macOS and iOS operating systems, the iTunes media player, the Safari web browser, and the iLife and iWork creativity and productivity suites. Its online services include the iTunes Store, the iOS App Store and Mac App Store, Apple Music, and iCloud.

Apple was founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in April 1976 to develop and sell personal computers. It was incorporated as Apple Computer, Inc. in January 1977, and sales of its computers saw significant momentum and revenue growth for the company.

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