Tim Cook receives $58M performance and tenure bonus
No one can doubt that Apple has been one of the most successful tech companies in the world over the past decade. A lot of this success can be attributed to the late Steve Jobs, but no one will deny that Tim Cook has steered the ship admirably since Jobs’ passing. The Cupertino company definitely thinks so!
Yesterday a filing was noted with the U.S. Securities and Exchange Commission which stated that Tim Cook was awarded 560,000 restricted Apple stock units on Monday the 24th. Cook was given these stocks as time and performance awards. At Apple‘s stock price at the end of day yesterday of $103.12, those stocks are worth roughly $57.5 million.
The Apple CEO did not choose to sell any vested restricted stock units, although 290,836 were withheld by Apple to keep in line with minimum statutory tax withholding requirements. These stock units would only vest if the company’s performance had fallen in the top third of companies on the S&P500. The SEC documents state that Apple’s TSR performance ranked 46th, meaning that Cook was awarded with the stocks. Should Apple have failed to rank in the top third the award would have been roughly 50% less (in the middle third) and 0% if it fell in the bottom third.
Do you think Tim Cook has deserved his performance and tenure bonus? Let us know in the comment section below.