Tim Cook’s about to collect a huge financial reward. On Friday, Aug. 24, the Apple CEO will receive additional shares in Apple worth around $120 million. The award is tied to Cook’s continued service at the world’s largest publicly traded company and Apple’s relative performance on the stock market during his tenure as CEO, according to Bloomberg.
As part of the package, Cook will automatically receive 280,000 shares as recognition of his tenure. Another 280,000 shares will come his way when it’s determined Apple’s stock-market return over the preceding three years exceeded at least two-thirds of the firms in the S&P 500.
Apple returned 119 percent from Aug. 25, 2015, through Tuesday’s close, including reinvested dividends, outperforming more than 80 percent of companies in the index. Barring a major collapse this week, that all but ensures Cook will collect the maximum number of shares for his fifth consecutive payout at the top end of the range.
Cook joined Apple in 1998, first as the company’s senior vice president for worldwide operations, then as its chief operating officer. He replaced Steve Jobs as the company’s CEO in 2011. Under Cook’s tenure earlier this month, Apple became the first publicly traded company worth over $1 trillion.
Earlier this week, an Apple regulory filing said Cook had donated 23,215 of his Apple shares to charity.