Apple CEO and billionaire Tim Cook was just granted tens of millions of dollars worth of Apple stock as an incentive to stay on with the company through 2025.
According to CNBC, a new filing with the SEC revealed that Apple CEO Tim Cook has been awarded over 667,000 restricted stock units (RSUs) that are worth, according to today’s stock price, over $76 million USD.
The initial grant comes in the form of just over 333,000 RSUs, Apple said in an SEC filing, and Cook will have the opportunity to earn 667,000 more, which would bring the total award to a hair more than 1 million shares.
“Tim has 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.”
Cook’s current 10-year grant from 2011 ends next year, and the new units will finish vesting in 2025, suggesting that Cook’s tenure will extend well into the new decade.
The 59-year-old executive’s net worth passed the $1 billion USD mark earlier this year thanks to Apple’s stratospheric stock growth, which saw its net worth double from $1 trillion to $2 trillion in just two years.
That puts Cook in a rare group of billionaire CEOs who did not start the companies they lead. The club also includes former Microsoft chief executive Steve Ballmer, who was with the company from 1980 to 2014 and is the world’s ninth-richest person with a net worth of $71 billion USD.
Cook has previously pledged to give his Apple fortune to charity.