Apple CEO Tim Cook receives $750M payout

He's also marking a decade as Apple chief

Apple CEO Tim Cook receives $750M payout

Apple chief executive officer Tim Cook acquired and sold off over five million shares of the technology giant, a regulatory filing has revealed. Cook sold most of the shares for more than $750 million, according to a BBC report, as part of a deal he struck when he took over from the late Apple co-founder Steve Jobs.

The payout comes as Cook marks his 10th year with Apple. The award also depended on the performance of the iPhone maker's shares compared to other companies on the S&P 500 stock index.

The company's filing with the US Security and Exchange Commission revealed that Cook deserved the award because Apple's shares had risen by 191.83% between August 2018 and 2021. Its share price also soared 1,200% since he took over in 2011.

The Apply executive signed in 2020 a new pay package that is expected to end in late 2026.

Read more: Apple CEO Tim Cook ‘can’t wait’ to return to office

CNN Business reported that Apple is the world's most valuable company with a market cap of $2.4 trillion and stock up about 11% this year.

Cook's payout also came days after he donated 70,000 Apple shares that are worth around $10 million to an undisclosed charity, CNN also reported, citing a separate regulatory finding.

The executive began serving in 2011 as Apple's chief executive officer as co-founder Jobs stepped down and died weeks later from pancreatic cancer.

Last year, Cook officially became a billionaire with an estimated worth of $1.5 billion, CNN further reported, citing data from Bloomberg Billionaires index.

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