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Apple CEO Tim Cook hits billionaire status

Added 08-11-20 06:14:03am EST - “Apple CEO Tim Cook is a billionaire, based on his salary and shares in Apple. He is not a founder-CEO, so his net worth is far lower than many peers.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “Apple CEO Tim Cook hits billionaire status”. Below is an excerpt from the article.

His $1 billion-plus net worth reflects a mix of the money he's earned at Apple through his salary, the number of shares he holds in the company, and the estimated proceeds from his share sales, per Bloomberg.

He was a longtime Jobs lieutenant, signing onto the company in 1998 as SVP of worldwide operations, striking critical deals with manufacturers to help Apple become a hardware powerhouse. As a relatively unknown exec, industry watchers questioned whether he could fill Jobs' shoes, but Apple has approached a near $2 trillion market cap on his watch.

Cook currently holds 847,969 Apple shares, which at the current stock price are worth more than $380 million. In 2019, Cook's compensation package included a $3 million base salary and around $7.6 million in incentive pay, making him one of the highest-paid CEOs in the US.

An SEC filing from January indicates he sold off 6,880 Apple shares at the end of December, which would have netted him around $2 million.

As an executive who rose up Apple's ranks, Cook is less wealthy than other famous big tech CEOs.

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