Apple boss raised nearly $ 100 million last year as he celebrated his tenth birthday in office
The Apple boss raised nearly $ 100 million last year as he celebrated his tenth birthday.
Tim Cook pocketed $ 98.7million, or £ 72.9million, in 2021 – six times his salary the year before.
The iPhone maker revealed the tempting sum in a regulatory filing just days after it became the first company in the world to reach a market value of $ 3 trillion.
Bonanza: Tim Cook pocketed $ 98.7million, or £ 72.9million, in 2021 – six times his salary the previous year
Shares have skyrocketed over the past year as more people turned to tech during the pandemic and Apple created iPhones capable of running on 5G mobile networks. Cook’s base salary of £ 2.2million remained unchanged. Most of his salary came from Apple stocks he received as he entered into a long-term incentive plan.
He will be able to start cashing in the shares between 2023 and 2025, which will give him a reason to stay with the company for at least three years. The 61-year-old joined Apple in 1998 and succeeded co-founder Steve Jobs as chief executive shortly before his death in 2011.
During Cook’s decade, Apple shares have climbed more than 1,100%. But some critics have voiced concerns that it lacks the creative vision of its predecessor and has yet to come up with a truly innovative new product. And the company has also been criticized for its tax structure, as it has kept billions of dollars in profits in Irish subsidiaries to lower its tax bill.
Cook, who became the first openly gay CEO on the Fortune 500 list of America’s largest corporations, has previously said he plans to donate most of his wealth to philanthropic causes. Under his leadership, Apple became more generous with its donations and donated tens of millions of pounds of its stock to charity.