Apple Chief Executive Officer, Tim Cook, is said to have received KES 11.1 billion payout in 2021 he also benefited from Ksh. 85.4 billion in form of company shares.
Tim Cook, 61, has a net-worth of Ksh. 169.9 billion and is among the CEOs who enjoy a huge salary package and other associated benefits. This is according to SEC filings for the financial year up to September 2021.
Tim also has access to company shares valued at Ksh. 85.4 billion which he received from an old grant. Up to now it is not clear whether he has any plans to sell any of the shares. Cook also has a stockpile of shares valued at Ksh. 4.2 billion in the company.
Apple had a great year in 2021 which led to the high earnings for the CEO of Apple. The company made Ksh. 41.3 billion in sales during the period under focus. This was a 33 percent growth compared to the previous fiscal year.
Out of the Ksh. 11 billion, Tim Cook earned in 2021, Ksh. 339 million was his annual salary and he earned Ksh. 1.3 billion in bonuses for attaining Apple’s environmental, financial and sustainability goals. Cook also received Ksh. 157 million in the form of air travel, life insurance, security, vacation and 401(k) payout.
A large portion of Apple’s annual earnings comes from stock awards according to the report filing. In 2021 stock awards earned the Apple CEO some Ksh. 9.2 billion, however, he cannot access the stocks yet. This is part and parcel of a five-year deal and will come in two parts. The awards to the CEO were revealed to the public on the first day of 2021 financial year which commenced on September 2020.
This was Tim Cook’s first ever equity award since he became the Chief Executive Officer back in 2011.
‘It’s been a remarkable decade for Apple and in 2021 Mr. Cook was granted an equity award for the first time since he was promoted to CEO in August 2011,’ Apple said in the SEC filings.
Tim Cook joined the billionaire’s club in August 2020 and unlike the other billionaires such as Elon Musk of Tesla and Jeff Bezos of Amazon, Cook is not the founder of Apple, and Verge has observed that it’s rare for a non-founder to join the ranks of the billionaire’s club.
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