Tim Cook Net Worth 2024

What is Tim Cook’s Net Worth and Salary?

Tim Cook is an American enterprise government who’s greatest recognized for being the CEO of Apple Inc. He joined the corporate in 1998 and was named CEO 2011. As of this writing, Tim Cook’s net worth is $1.5 billion. Apple’s peak market cap beneath former CEO/founder Steve Jobs was $350 billion. When Tim was appointed CEO in 2011, many questioned how he may out-perform his genius predecessor. Fast ahead to the current and Apple’s market cap is above $2.4 trillion. If you had purchased $1,000 price of Apple shares on the day Tim Cook turned CEO, a decade later you’d have $13,000. Tim has acknowledged he plans to offer most of his fortune away earlier than he dies and has already donated tens of tens of millions to varied charities.

Salary and Perks

Prior to being named CEO, when he was Apple’s Senior Vice President of Worldwide Operations, Tim’s wage was $500,000 per 12 months. When Tim Cook first turned CEO of Apple in 2011, his wage was boosted to $900,000 per 12 months. Today Tim earns a base wage of $3.4 million plus an annual bonus of $8 – $12 million.

On high of wage and bonus, Tim is periodically granted giant chunks of Apple choices which vest over time. His vested shares are counted as revenue in a given 12 months. So for instance in 2019, on high of his wage and bonuses Tim earned $113.5 million price of vested shares, bringing his complete comp for the 12 months to round $125 million. Between 2011, when he was named CEO, and 2020, Tim earned $963.5 million in complete compensation from Apple. Outside of regular compensation, in a mean 12 months Tim advantages from roughly $500,000 price of non-public safety bills paid for by Apple. He can also be required to fly privately for all private and enterprise journey. Those flight prices come to round $315,000 per 12 months.

How Many Shares of Apple Does Tim Cook Own?

On the day Tim turned CEO, he was given a big grant of choices that vested in 10 annual increments (he obtained the primary chunk up entrance, so technically solely 9 tranches vested over time). A piece of his grant was performance-based. Those shares could be granted provided that Apple out-performed 2/3 of the S&P 500. He has hit each single efficiency milestone. He obtained his ninth grant, roughly 560,000 shares, in August 2020. Roughly half of these shares are put aside to cowl an estimated tax debt at their August 2020 value per share. At $450 per share (this was earlier than Apple inventory break up), the 280,000 shares Tim obtained have been price $126 million.

Outside of that 560,000 chunk granted in August 2020, Tim already owns 847,969 fully-vested shares of Apple. In February 2020 when Apple shares have been buying and selling at $320, this chunk was price round $280 million. In August 2020 when Apple hit $450 per share, that stake was price $380 million.

Tim is the corporate’s second-largest particular person shareholder. He owns roughly 0.02% of the corporate. The largest particular person shareholder is Board Chairman Arthur Levinson who owns 1.1 million shares. Levinson has served on the Board since 2000. The third largest particular person shareholder is Senior VP of Software Engineering, Craig Federighi, who has 412,000 shares as of this writing.

In August 2021 Tim obtained his tenth and last installment of the unique compensation plan. The $750 million payout concerned promoting greater than 5 million shares in Apple, marking Cook’s tenth 12 months on the job.

Billionaire Status

Tim Cook formally turned a billionaire in August 2020 after incomes that ninth (and largest) efficiency inventory grant of 560,000 shares.

Early Life

Timothy Donald Cook was born November 1, 1960 in Mobile, Alabama. His father (Donald) was a shipyard employee and his mom (Geraldine) labored at a pharmacy. He was raised in close by Robertsdale. Cook attended Robertsdale High School and went on to earn a level in Industrial Engineering from Auburn University in 1982. In 1988, Cook earned his Master of Business Administration from Fuqua School of Business at Duke University. He graduated within the high ten of his class and was awarded the title of a Fuqua scholar.

Early Career

Straight out of college, Tim Cook was employed by IBM the place he moved up the ranks to turn out to be the pc company’s North American Fulfillment Director, managing manufacturing and distribution capabilities for IBM’s Personal Computer Company in each North America and Latin America. Following a 12-year profession at IBM, Cook turned a chief working officer (Reseller Division) at Intelligent Electronics. He then served for six months as Vice President of Corporate Materials for Compaq, purchases and managing product stock.

Apple

Cook’s subsequent job, in 1998, could be as Apple’s Senior Vice President for worldwide operations, the place he could be answerable for managing all gross sales and operations worldwide, together with gross sales actions, and repair and assist. Tim joined Apple at a bleak time for the corporate, earlier than it had developed the iMac, iPod, iPhone, or iPad. It was seeing declining income and no revenue progress. Many associates reportedly tried to dissuade Tim from becoming a member of the then-flailing firm.

In an try to begin turning a revenue once more for the corporate, Cook closed Apple factories and changed them with contract producers, and invested in long-term offers like an advance funding in flash reminiscence. Cook’s actions throughout this time generated enormous income, a shift from a current internet lack of $1 billion from their earlier fiscal 12 months, and has been credited with retaining Apple’s prices beneath management.  He was additionally the chief of the corporate’s Macintosh division and growing reseller/provider relationship methods. He was promoted to guide operations in January 2007 and served as chief government in 2009. During this time, Steve Jobs, founder and CEO of Apple, was on a health-related depart of absence. In January 2011, Jobs requested one other depart of absence, and through this time Tim was answerable for working operations at Apple day-to-day.

Jobs finally resigned as CEO, and, in August 2011, Cook was named Apple’s new CEO. Steve Jobs handed away simply two months later, in October 2011, after a battle with most cancers. With the partnership they’d created, they’d rescued the corporate from a downward spiral and took it from lower than $6 billion in income in 1998 to over $100 billion. In April 2012, Cook was included on Time Magazine’s listing of 100 Most Influential People within the World.

He was awarded a million shares in 2012 by Apple’s board of administrators. Cook mentioned he deliberate to donate his total inventory fortune to charity. In May 2014, Apple introduced the acquisition of Beats Music and Beats Electronics for $3 billion, its greatest acquisition but. Apple unveiled the iPhone 6 in the summertime of 2015. One 12 months later, the Apple Watch was introduced. In 2016, some claimed innovation had died down when evaluating the Cooks period to the Jobs period. Apple has continued to launch new iPhone fashions every year with slight upgrades, and in 2023, the corporate unveiled the Apple Vision Pro, an augmented and digital actuality headset.

Other Ventures

Cook attended a personal summit hosted by President Barack Obama in 2013 in regard to surveillance and the web within the aftermath of the incident involving the National Security Agent and Edward Snowden. Following the terrorist assault in San Bernardino, CA in December 2015, the FBI solicited Apple to help in unlocking an iPhone utilized by one of many attackers. The Department of Justice later ordered Apple to create customized firmware for iOS that will permit investigators to unlock any iPhone for gathering proof. Cook denounced the calls for in an open letter as a breach of privateness with that will have “chilling” penalties for public privateness and security.

Cook was appointed chairman of the advisory board for Tsinghua University’s economics college in October 2019. The size of his time period might be three years. He has been on the board of administrators for Nike, Inc. in addition to the National Football Foundation. He owns $3.4 million price of shares of Nike.

Personal Life

Cook is understood for being a solitary, very personal individual. He was the primary Chief Executive at a Fortune 500 firm to establish publicly as homosexual and he did so in 2014 in an editorial for Bloomberg Business. In September 2015, he elaborated on The Late Show with Stephen Colbert on his determination to come back out, “Where I valued my privateness considerably, I felt that I used to be valuing it too far above what I may do for different folks, so I wished to inform everybody my fact.” He has acknowledged that he hoped his openness would assist encourage the younger LGBTQ neighborhood to not stay at midnight out of worry.

Cook shouldn’t be married and has no youngsters.

Cook donated to the presidential campaigns of Barack Obama and Hillary Clinton. At one level, Clinton thought of Tim as a working mate in her 2016 marketing campaign.

Tim has introduced that he plans to offer the overwhelming majority of his cash away to charity when he dies.

Real Estate

Despite being one of many highest-paid enterprise executives on the earth, Tim lives in a surprisingly modest 2,400 square-foot residence in Palo Alto, California. He purchased the home in 2010, the 12 months earlier than being named CEO, for $1.9 million.

In 2018 Tim paid $10.1 million for a ten,000 square-foot residence on the Madison Club, an unique gated neighborhood in La Quinta, California.

Quote About Money

“I prefer to be reminded of the place I got here from, and placing myself in modest environment helps me try this. Money shouldn’t be a motivator for me.”