Tim Cook Net Worth| House| Salary| Everything About the CEO of Apple Inc.| Latest Updates!
Timothy Donald Cook was born on November 1, 1960, in Mobile, Alabama, and raised in Mobile, Alabama. His father (Donald) worked at a shipyard, while his mother (Geraldine) was employed as a pharmacy technician.
He grew up in the nearby town of Robertsdale. Chef Cook graduated from Robertsdale High School in 1982 and went on to receive a bachelor’s degree in Industrial Engineering from Auburn University.
|Name||Timothy Donald Cook|
|Birth||November 1, 1960, in Mobile, Alabama|
|Genre||Businessman (CEO of Apple Company)|
|Net Worth||$ 1.5 Billion|
Cook graduated with honours from Duke University’s Fuqua School of Business in 1988 with a Master of Business Administration degree. He graduated in the top ten of his class and was named a Fuqua Scholar, which is the highest honour a student can receive.
Tim Cook’s Net Worth!
Tim Cook is an American business leader who is best known as the CEO of Apple Inc. He has worked in the technology industry for more than two decades. He began working for the company in 1998 and was promoted to CEO in 2011.
Tim Cook has a net worth of $1.5 billion as of 2022. Apple’s peak market capitalization occurred during the tenure of former CEO/founder Steve Jobs, which reached $350 billion. In 2011, when Tim was appointed CEO, many people questioned if he would be able to outperform his brilliant predecessor.
Forward to the present, Apple’s market capitalization has surpassed $2.4 trillion. If you had invested $1,000 in Apple stock on the day Tim Cook was appointed CEO, you would have amassed a $13,000 fortune a decade later.
Tim has declared that he intends to give away the majority of his fortune before he passes away, and he has already contributed tens of millions of dollars to numerous charities.
Tim Cook’s House!
Despite being one of the world’s highest-paid business executives, Tim lives in a very small 2,400-square-foot home in Palo Alto, California, which is surprising given his position. He purchased the house for $1.9 million in 2010, the year before he was chosen CEO. He has lived there ever since.
Earlier this year, Tim purchased a 10,000quare-foot property at the Madison Club, an exclusive gated enclave in La Quinta, California, for $10.1 million dollars.
Tim Cook’s Salary and Benefits!
Tim Cook earned $500,000 a year as Apple’s Senior Vice President of Worldwide Operations prior to being named CEO of the company. Tim Cook’s compensation was increased to $900,000 per year after he was appointed as Apple’s chief executive officer in 2011.
Tim currently earns a base salary of $3.4 million-plus an annual bonus of $8 – $12 million on top of his base income. Additionally, Tim is periodically issued huge amounts of Apple stock options, which vest over time in addition to his salary and bonus. His vested shares are included in his taxable income for the year in which they are received.
As an example, Tim received $113.5 million invested shares in addition to his salary and incentives in 2019, bringing his total compensation for the year to around $125 million. Tim Cook received a total of $963.5 million in total remuneration from Apple between 2011, when he was appointed CEO, and 2020.
Tim receives around $500,000 in personal security expenses paid for by Apple in addition to his regular income in an average year. In addition, he is obligated to fly privately for all personal and professional travel, regardless of the destination. Those flight expenses amount to approximately $315,000 per year.
How many shares of Apple does Tim Cook have in his possession?
Tim was awarded a significant grant of options on the day he was appointed CEO, with the options vesting in 10-year increments (he received the first chunk upfront, so technically only 9 tranches vested over time).
A portion of his funding was contingent on his performance. Those shares would be awarded only if Apple outperformed the S& P 500 by at least two-thirds. He has exceeded all of his previous performance benchmarks.
In August 2020, he will receive his ninth grant, consisting of approximately 560,000 shares. Approximately half of those shares have been set aside to pay a projected tax liability based on the stock’s price per share in August 2020.
Tim received 280,000 shares of Apple stock, which were worth $126 million at $450 a share (this was before the company’s stock split). Tim already holds 847,969 fully-vested shares of Apple, in addition to the 560,000 shares, he will receive in August 2020 from the company.
This portion was worth approximately $280 million in February 2020, when Apple shares were trading at $320 per share. When Apple’s stock price reached $450 per share in August 2020, the investment was worth $380 million.
Tim is the second-largest individual shareholder in the corporation after his father. He holds approximately 0.02 per cent of the company’s stock. Arthur Levinson, the chairman of the board of directors, is the company’s largest individual shareholder with 1.1 million shares.
Levinson has been a member of the Board of Directors since 2000. Craig Federighi, Senior Vice President of Software Engineering, is the third-largest individual shareholder, with 412,000 shares as of the time of this writing.
Upon completion of the original compensation plan, Time will receive his tenth and last instalment in August 2021. His stock was retrenched at that point in time.
Tim Cook as a Billionaire!
Tim Cook officially became a billionaire in August 2020, when he received the ninth (and largest) performance stock grant, consisting of 560,000 shares of Apple stock.
Tim Cook’s career!
Following graduation from college, Tim Cook was hired by IBM, where he worked his way up the ranks until he became the computer corporation’s North American Fulfillment Director, where he was responsible for the manufacturing and distribution functions for IBM’s Personal Computer Company in both North and Latin America.
Cook joined Intelligent Electronics after a 12-year stint with IBM, where he rose to the position of chief operating officer (Reseller Division). After that, he worked at Compaq for six months as Vice President of Corporate Materials, where he was in charge of purchasing and managing product inventory.
Tim Cook’s as Apple CEO!
Cook’s next position, as Apple’s Senior Vice President for Worldwide Operations, would begin in 1998. In this role, he would be responsible for managing all sales and operations activities throughout the world, including sales efforts, service and support.
Tim joined Apple at a difficult point in the business’s history, before the iMac, iPod, iPhone, or iPad had been developed by the company. Profits were dropping and there was no profit growth for the company.
Many of Tim’s friends reportedly tried to persuade him not to join the company at the time it was in trouble. Cook dismantled Apple factories and replaced them with contract manufacturers in an attempt to get the business back into the black, and he engaged in long-term partnerships such as an advance investment in flash memory in an effort to earn a profit again.
In this period, Apple made enormous profits, a significant improvement from the company’s recent net loss of $1 billion in the previous fiscal year, and Cook has been praised for keeping the company’s spending under control.
He was also the company’s Macintosh division manager, and he was in charge of creating the company’s reseller/supplier relationship strategies. In January 2007, he was promoted to the position of operations manager, and he was named chief executive officer in 2009.
Steve Jobs, the company’s founder and CEO, was away from the company for health-related reasons during this period. In January 2011, Jobs sought yet another leave of absence, and Tim Cook was in charge of overseeing the day-to-day activities at Apple during this period of time.
Jobs finally stepped down as CEO, and Cook was appointed as the company’s new CEO in August 2011. Only two months later, in October 2011, Steve Jobs succumbed to cancer after a long struggle.
Using the partnership they had established, they had saved the firm from its downward spiral and helped it grow from less than $6 billion in revenue in 1998 to more than $100 billion in revenue today.
Cook was named to Time Magazine’s list of the 100 Most Influential People in the World, which was published in April 2012. In 2012, the board of directors of Apple awarded him one million shares of the company. Cook stated that he intended to donate the whole value of his portfolio to charity.
Apple announced in May 2014 that it had acquired Beats Music and Beats Electronics for $3 billion, making it the company’s largest acquisition to date. The iPhone 6 was introduced by Apple in the summer of 2015. After a year, the Apple Watch was officially unveiled.
Other Business Efforts!
As a result of the event involving the National Security Agent and Edward Snowden, Cook was invited to a private meeting convened by President Barack Obama in 2013 on surveillance and the internet, which was attended by President Obama.
An iPhone used by one of the terrorists in the December 2015 terrorist assault in San Bernardino, California, was unlocked with the help of Apple, thanks to a request made by the FBI.
Later, the Department of Justice ordered Apple to develop new firmware for iOS that would allow investigators to unlock any iPhone in order to acquire evidence. Apple has since completed this work.
Cook condemned the demands in an open letter, claiming that they were a violation of privacy that would have “chilling” effects on the public’s safety and privacy.
As of October 2019, Cook was appointed to the position of chairman of the advisory board for Tsinghua University’s economics school.
It is expected that he will serve for three years. He has served on the boards of directors for Nike, Inc., as well as the National Football Foundation, among other organisations. Nike stock is worth $3.4 million to him, according to his financial disclosure.
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