Apple CEO Tim Cook is set to collect the tenth and final tranche of the pay deal as he marks ten years in the job. The haul consists of about five million shares worth roughly $750 million, according to calculations by Bloomberg News.
It is part of a deal he struck when he took over from co-founder Steve Jobs. The award depended on how well Apple’s shares performed compared to other firms on the S&P 500 stock index.
According to Apple’s filing with the the US Securities and Exchange Commission (SEC), Part of Mr Cook’s payout was contingent on Apple’s stock return over the past three years surpassing at least two-thirds of companies in the S&P 500 – a threshold the iPhone maker cleared by a wide margin.
The company’s revenue has more than doubled on his watch and its shares price has increased 1,200% since he became chief executive on 24 August 2011, pushing the market value above $2 trillion.
Apple’s soaring stock price has made Cook a billionaire. As per the Bloomberg Billionaires Index, Cook currently has a net worth of about $1.5 billion. The 60-year-old has overseen significant expansion into online services, major acquisitions like Beats and Intel’s cellular-modem unit, a push into custom chips and technologies, wearables like AirPods and the Apple Watch, and major expansions to the iPhone and iPad lines.
The Apple executive said in 2015 that he would give away his entire fortune before he dies, and is known to have donated tens of millions of dollars to charity. Cook has been vocal over issues including HIV and Aids, climate change, human rights and equality.