Tim Cook Reaps $89.2 Million Stock Award as Apple Outshines S&P
- CEO gets 560,000 shares, half tied to company’s performance
- IPhone maker’s shares surged to record on rosy forecast
Tim Cook Reaps $89.2 Million Stock Award
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Apple Inc. Chief Executive Officer Tim Cook collected 560,000 shares, half of them linked to the company’s performance and the maximum allowed under the iPhone maker’s long-term compensation program.
The award was worth $89.2 million when it was granted on Thursday, based on Apple’s $159.27 closing price. He received the performance-linked stock because Apple shares outperformed at least two-thirds of businesses in the S&P 500 Index over three years, according to a regulatory filing Monday. It’s Cook’s fourth consecutive payout at the top threshold.