Apple boss raises £550m as shares soar: Tim Cook cashes in after ten years at tech giant’s helm
Apple has given boss Tim Cook a £550 million bonus as he has been at the helm of the iPhone maker for a decade.
The 60-year-old was named chief executive in 2011, succeeding company founder Steve Jobs, who died of cancer weeks later.
And this week, Cook received the latest tranche of a huge stock price. He received just over 5 million shares, which he immediately cashed in for £548 million.
Happy Birthday: Apple CEO Tim Cook (pictured) received just over 5 million shares, which he immediately redeemed for £548 million
He received the highest possible award after overseeing the more than 1000 percent increase in stock prices at Apple over the past ten years.
When he took control, the company made around £79 billion in annual revenue and £19 billion in profits.
But those numbers have since risen to £200 billion and £42 billion respectively thanks to a host of new products and services introduced under Cook.
These include wireless Airpod headphones, the Apple Watch, iCloud data storage, the Apple Music streaming service and most recently the video streaming platform Apple TV+.
And the sales bonanza has also boosted Apple’s stock, raising the company’s market value from around £255 billion to £1.8 trillion.
It is the world’s most valuable publicly traded company. And Cook still owns nearly 3.3 million shares, worth another £353 million.
He has already become a billionaire thanks to his huge payouts at the company, with Forbes estimating his total net worth today at just over £1 billion.
Born in Alabama, he is the son of a shipyard worker and a pharmacist.
He graduated with a degree in industrial engineering from Auburn University, Alabama, in 1982, and spent time in senior positions at computer companies IBM, Intelligent Electronics, and Compaq before joining Apple in 1998.
Before he died, Jobs is said to have told a key ally that he “absolutely trusted Tim” – a comment described as “as big a compliment as you can get” from the infamous control freak.
But while Jobs—who was just 56 when he died—has been dubbed a “visionary” by the US media, Cook struggles to shake off his image of the “supply chain guy” – a veteran administrator who uses the imagination of his predecessor is missing.
Some, however, believe that Cook could end his leadership stint with a major acquisition or even the launch of Apple’s own electric car.
He isn’t expected to stick around for another decade, but it’s believed to stick around for at least a few more years.
“I feel great now and the date is not in sight,” Cook told the New York Times this year.