Tim Cook receives over five million shares of Apple stock worth $750 million
The tranche of stock is the final part of the compensation package that Cook received when he took over as CEO of Apple 10 years ago.
Apple CEO Tim Cook received more than five million shares of Apple stock this week, selling most of the stock for more than $750 million, according to an SEC filing posted by Apple on Thursday.
The tranche of stock is the final part of the compensation package that Cook received when he took over as CEO of Apple 10 years ago. Last year, he got a new compensation package that runs through 2026. The majority of Cook's compensation is in the form of restricted stock units.
Cook received the largest amount of stock he was eligible for under the 2011 agreement, which depended on how Apple's stock performed compared to other companies in the S&P 500.
Apple was in the top third of companies in the cohort, with total shareholder return of 191.83% over the past three years, ranking 13th out of 442 companies, according to the filing.
Since Cook became CEO in 2011, Apple stock has risen more than 1,200%.
Earlier this week, Cook donated almost $10 million worth of Apple shares to an unnamed charity, according to an SEC filing. Cook previously said he will donate his entire fortune to charity. An Apple representative didn't respond to requests for comment.