Tim Cook, the chief executive officer of the techno giant Apple Inc., is set to hit pay dirt in the form of the tenth and final payout under the 10-year contract that he signed with the company in 2011. The payout consists of 5 million shares worth a whopping $750 million.
Tim joined Apple in the late 90s and quickly climbed the corporate ladder to become the number 2 to Apple’s co-founder, Steve Jobs. He was proficient in making Jobs’ visions for the company into a tangible reality. After the unfortunate demise of Jobs in August 2011, Tim succeeded him and became the CEO of one of the biggest manufacturers of phones and tech gadgets.
The payout is the result of Apple’s impeccable performance in the S&P 500 for the past three years. It surpassed more than two-third of companies listed in the S&P 500 by a massive margin. The performance of the company has made the 60-year-old CEO a billionaire, with a net worth of $1.5 billion.
When Tim took over the CEO position in 2011, he was surrounded by skepticism, and people doubted if Tim would be able to fill in Jobs’ shoes and maintain the hot streak of Apple. Dusting off all iotas of doubt, Tim doubled the company’s revenue, and Apple’s market value hit above $2 trillion.
Apple’s market value has surpassed the GDPs of roughly 97 per cent of all countries in the world, making it the most valuable company on the globe. In addition, the return on the company’s shares has surpassed 1100 per cent with a rise of 12% this year, according to a Bloomberg report.
The success streaks that Tim has achieved over a span of ten years include acquisitions such as Beats and Intel’s Modem Unit, the introduction of wearables such as the Apple Watch, and the trendy AirPods, signification expansion in the production line of iPads and iPhones. Tim also oversaw the company’s penetration into making custom chips and technologies.
Before the final payout to be granted this week, Tim has received major chunks of shares, once in 2014 and then again in 2016. In total, Tim now owns 8,37,374 shares of Apple Stock. When Tim started as a CEO in 2011, the stock prices of Apple shares stood at $80 per share. In 2021, the stock prices have reached nearly $320 per share.
According to a report by The Economist, Tim is set to chair the company for another five years. By the year 2025, the company’s revenue is projected to reach $425.7 billion from the current $274.52 billion, reports the Daily Mail.