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Tim Cook sold more than 750 million U.S. dollars worth of Apple stock this week, after he received the last stock award granted ten years ago when he Take over Steve Jobs is the CEO of the iPhone manufacturer.
Since Cook became CEO in 2011, Apple’s stock price has risen more than tenfold, a record that gives him the right to receive the largest possible payment under the award.
According to statistics, after he granted the remaining restricted stock awards on August 24, about 5 million shares were sold at a price of US$148-150, with a net profit of US$752 million. Record Released on Thursday. Apple’s stock price hit a record high of US$151.12 earlier this month because the market value of the world’s most valuable company is close to a record US$2.5 trillion.
Most of the transactions were part of a pre-arranged stock sale plan passed in August last year, a plan commonly used by US company executives to avoid any insider trading. More than half of the sales (valued at $397 million) were withheld by Apple to cover Cook’s tax liability when the stock options were vested.
Cook’s initial stock award was estimated to be worth $378 million when it was first awarded in 2011, when Cook was one of the highest paid executives in the United States.The plan is Fix In mid-2013, to reflect Apple’s share price performance relative to other U.S. companies, approximately one-third of Apple’s shareholders propose Earlier that year, there was a protest vote on executive compensation at the company’s annual meeting.
Apple stated in a document on Thursday that for the three years ending August 24, its total shareholder return (assuming all dividend payments are reinvested) was 192%, ranking 13th in the Standard & Poor’s 500 Index. On this basis, the best-performing company in the company, according to Bloomberg data, has remained in the S&P 500 index for the entire period of chip manufacturer AMD, and its total shareholder return rate within three years is close to 350%.
According to Bloomberg estimates, Cook’s net worth exceeded $1 billion for the first time in August last year. He said in 2015 that he planned to donate most of his property before his death. A week ago, he donated more than 10 million U.S. dollars worth of Apple stock to charity.
In September last year, Cook, with an annual salary of $3 million, was indeed This is the first time he has received a new award for restricted stock units since his promotion in 2011. If Apple reaches the upper limit of its target in 2025, the stock award will be awarded after April 2023 and will depend in part on the total shareholder return. Based on today’s stock price, its value may be close to $150 million.
In January of this year, Apple said it would add an “environmental, social and governance adjustment factor” to its executive’s annual bonus plan, allowing the board of directors to change its cash expenditure by 10% based on its assessment of “value-driven leadership”.
Additional reporting by Adam Samson