A job well done deserves a reward. And a job well done at the world’s most profitable company deserves, well, a reward worth more money than most of us can even fathom.
Apple CEO Tim Cook has received $89.2 million in stock for the strong performance of the company’s stock.
Technically, Cook received about 560,000 shares of Apple stock, which Bloomberg reported were valued at $159.27 based on when the bonus was given on Thursday.
Since then, Apple shares have risen a little more than a dollar, netting cook an additional $600,000 in the past few days. Not shabby.
The bonus is part of Apple’s overall compensation plan for Cook, which includes bonuses based on how Apple’s stock performs.
And perform it has. Apple stock is up more than 39 percent so far in 2017. That’s particularly impressive considering the company’s size and stability. Most stocks that rise in value that fast tend to be smaller companies with a bigger chance to grow dramatically in coming years.
The bonus highlights the job Cook has done since taking over from Steve Jobs in 2014. Those were big New Balances to fill, and plenty have doubted if Cook would be able to lead the company against a growing number of smartphone and consumer tech competitors.
Three years in, Cook looks to be doing just fine. Apple’s existing businesses have proven to be incredibly resilient to competition, while the company is also exploring new businesses such as self-driving car technology and high-end entertainment content.
Cook has said he plans to give most of his wealth to charity.