Apple CEO Tim Cook received the tenth and final payment from the company, and the total payment consists of about 5 million shares worth about $750 million, according to Al Arabiya Net.
Cook collected the 10 payments based on an agreement made in the contract a decade ago and this clause is conditional on the performance of the company’s stock, as the company must outperform at least two-thirds of the companies in the S&P 500.
Cook’s payments made him a billionaire with a net worth of about $1.5 billion, according to Bloomberg Index.
Last Wednesday, Tim Cook completed his tenth year as CEO of Apple, after Steve Jobs left his position on August 24, 2011, before he passed away just six weeks later. And there’s no doubt that the challenges ahead of Tim Cook were really big.
Cook found himself a replacement for Jobs, who was admired by everyone, as he was a smart and innovative person, as well as one of the most prominent technical figures of all time. Now, a decade later, Tim Cook appears to have succeeded in a well-deserved position.
Perhaps what helped him in this is that Apple had established itself in the market many years before he took over as CEO. But he turned it into the most valuable and profitable company in the world, outperforming even the oil companies, and Apple is currently valued at $2.5 trillion.
During his tenure as director of the company, Tim Cook was able to significantly improve the functioning of supply chains. By contracting with the Chinese factories, Fox Conn, which employs hundreds of thousands of workers only for Apple’s production lines.
The company has also been able to maintain an increasing rate of growth over those years, in addition to Tim Cook playing an active role in the company even before he took over its management, as he held the position of Chief Operating Officer, which is the second most important position after the CEO.
It is known that one of the main differences between Cook and Jobs lies in the fact that the former focused mainly on sales and profits, while Jobs focused on creativity, innovation and artistic sense, and was not concerned with production and profits as much as his successor.