HomeLifeStyleTim Cook sold $ 752 million worth of Apple shares

Tim Cook sold $ 752 million worth of Apple shares

Вартість одного паперу становила 148-150 доларів

Tim Cook sold over $ 750 million in Apple shares this week. The sold package of securities was a bonus and went to Tim Cook 10 years ago, when he replaced Steve Jobs as head of Apple. RBC writes about with reference to the Financial Times.

On August 24, 5 million shares were sold to them at a price of $ 148-150 per share for $ 752 million. The deals were part of a prearranged plan to sell shares last August, following the pattern used by American CEOs.

More than half of the sales, worth $ 397 million, were withheld by Apple to cover Tim Cook’s tax liability when exercising options.

Earlier it was reported that the financial performance of Apple Inc. in the past financial year exceeded the company’s internal goals, which allowed it to increase bonus payments to top managers.

Cash compensation for Apple CEO Tim Cook for fiscal 2020, which ended in September, rose 40% to $ 10.7 million, according to documents sent by Apple to the Securities and Exchange Commission (SEC). In fiscal 2019, Cook’s remuneration fell 36% as Apple’s earnings and revenues declined.

At the end of the 2020 fiscal year, despite the coronavirus pandemic, Apple’s profit grew by 3.9% thanks to a surge in demand for laptops and tablets manufactured by the company in an environment where many people around the world have switched to remote work and distance learning. Apple’s capitalization in 2020 soared by 80% and exceeded $ 2 trillion.

In addition, last year, Cook acquired $ 281.9 million in Apple shares, which he received with restrictions as part of a long-term incentive package issued in 2011 when he became Apple’s CEO.

Cook’s new incentive plan, adopted in September 2020, provides for the transfer of shares to the head of Apple, which will become his property in 2023-2025. This gives Cook an incentive to remain at the head of the company in the coming years, The Wall Street Journal wrote.

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