Tim Cook Paid N308 Billion Bonus After 10yrs As Apple CEO

The Chief Executive Officer of Apple, Tim Cook, has received more than $750 million payout as he marks ten years on the job.

As part of a deal he struck with the tech giant from founder Steve Jobs in 2011, Cook received more than five million shares in Apple stock as an award, which he then sold for more than $750 million (308.6 billion naira).

According to BBC, Cook’s award depended on how well Apple’s shares performed compared to other firms on the S&P 500 stock index.

Just last year, he agreed to a new pay package which runs to the end of 2026.

It was reported that under Cook’s leadership, Apple’s shares have risen by 191.83% over the last three years.

Apple’s filing with the US Securities and Exchange Commission (SEC) also revealed that its share price has increased 1,200% since he became CEO on 24 August 2011.

Apple currently has a market valuation of nearly $2.5 trillion.

According to the SEC, earlier in the week, Cook donated almost $10 million worth of Apple shares to charity which he declined to name.

He is currently worth $1.5 billion (617.3 billion naira) and in the past, he said he planned to give away his entire fortune to charity.