Apple chief executive Tim Cook scooped a payout of $98.7 million (72.9 million pounds) last year when he celebrated his 10th anniversary of holding the key chair. He recently revealed the figure in a regulatory filing amid the company became the first-ever in the world to touch the mark of $3 trillion in the stock market value.
The nearly $100 million is a giant jump of about six times compared to his payout just a year before. His base salary is 2.2 million pounds and this remained the same in 2020. Most of his payout was from his stock holding that he was given when he joined the company and it was an incentive plan for the long term. This means he may cash out the shares until 2025 and it is a good reason for him to remain at Apple for another three years.
Shares of Apple surged significantly in 2021 when the world was fighting against the COVID-19 pandemic and simultaneously the company created 5G enabled iPhones.
Cook joined the company in 1998 and became the CEO in 2011, briefly before the death of co-founder Steve Jobs. Apple shares have jumped over 1100 percent in the past 10 years. However, some critics comparatively criticize him for not having a creative vision like Jobs and he needs to come up with innovative products. Moreover, the company has faced issues with tax structure as billions of dollars were separately parked in Irish subsidiaries to minimize the tax bill.
The 61-year-old is the first such CEO of a company on the Fortune 500 list. He had earlier said to be donating a good percentage of his wealth to philanthropic causes.
Apart from all these, his leadership witnessed Apple becoming more generous with respect to donations made to charities. Shares of tens of millions of pounds have been given for some causes.