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Apple CEO Tim Cook could earn over 1 million shares by 2025
Apple CEO Tim Cook has received his largest stock grant since 2011. The Cupertino-based tech giant granted Cook 336,987 restricted units of Apple stock on Tuesday.
San Francisco: Apple CEO Tim Cook has received his largest stock grant since 2011. The Cupertino-based tech giant granted Cook 336,987 restricted units of Apple stock on Tuesday.
The company also issues performance-based grants that could take his total to 1,001,961 shares by 2025, reports CNBC.
At Tuesday's closing price of $114.09, the shares are worth $114 million.
"Chas brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity," Apple's board of directors said in a statement.
"For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple's future as he carries these efforts forward."
In 2019, Cook received a $3 million salary and a $7.67 million bonus.
After adding stock, he took home over $125 million.
Cook became a billionaire last month as Apple broke all previous records to become the most valued US company after crossing $2 trillion in market cap.
The net worth of Cook crossed the $1-billion mark, officially making him a billionaire.
Cook, however, still has a long way to go to catch up with other CEOs on the Bloomberg Billionaires' list, like Amazon Founder and CEO Jeff Bezos, former Microsoft CEO Bill Gates and Facebook CEO Mark Zuckerberg.