Apple CEO Tim Cook reportedly receiving $750 million worth of AAPL stock this week
Tim Cook is expected to receive $750 million worth of AAPL stock later this week after celebrating his tenth anniversary as Apple CEO, Bloomberg reports.
The payment will see Cook receive around 5 million shares, according to calculations by Bloomberg, as part of a pay deal agreed upon 10 years ago when accepting to become Apple’s chief executive following late Apple co-founder Steve Jobs’ resignation in 2011.
Tim Cook has previously said he ‘probably won’t be with Apple in 10 years’ from now. In interviews, the modest CEO has said he plans to use his wealth to provide a college education for his nephew, with plans to continue to donate money to charities close to his heart.
Cook joined Apple in 1998 after being head-hunted by Steve Jobs for the role of senior vice president of worldwide. Cook then later transitioned into the role of lead operations and served as chief executive in 2009, while Jobs was away on a leave of absence for health-related issues.