Apple CEO Tim Cook. Photo: bloomberg
New York - Apple CEO
Tim Cook collected 560 000 shares, half of them linked to the company’s
performance and the maximum allowed under the iPhone maker’s long-term
The award was worth $89.2m 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
regulatory filing on Monday. It’s Cook’s fourth consecutive payout at the
Cook, 56, receives annual payouts from a giant stock award he got
after succeeding Steve Jobs in 2011, which was set to vest in two phases
over a decade. In 2013, at Cook’s request, the board’s compensation
committee tied about a third of those shares to Apple’s relative stock
performance versus the S&P 500.
For the three years ended August 24, Apple shares returned 71%,
ranking it in the 81st percentile among index members, according to the
filing. The rest of the award will vest as long as he remains on the
Earlier this month, Apple shares surged to a
record after the company reported a fiscal third-quarter profit that
beat Wall Street estimates and boosted its revenue outlook for the year,
forecasting strong iPhone sales.
Cook said in 2015 that he plans to give most of his fortune to charity.
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