Tim Cook,Net Worth, Money and more
Net Worth – $500 million
Business man, CEO,Apple Inc.
A mantle called Apple is placed at the highest pinnacle of technology and to head it, the person must be a force that wields power. Okay, metaphors and similes aside, Welcome Tim Cook, the present CEO of Apple, and the rightly successor of the famous Steve Jobs. Worth $500 million, he is presently the 23rd richest person in the world. Cook is also the highest paid CEO in the world with a pay check of $4.2 million!
Privy life
Alabama born Timothy Donald cook was the son a father who worked in a shipyard and a mother who worked in a pharmacy.He studied in Roberts dale High School and secured a Bachelors degree in Industrial engineering, followed by a MBA from Duke’s University’s Fuqua School of Business. He derives inspiration from Nelson Mandela. Martin Luther King and Robert Kennedy.
Cook is a man who loves adventure sports. Hiking, cycling and hitting the gym on a regular basis . It’s quite surprising that a busy man like Tim can actually take time off for an adventure sport!On contemplating whether he is gay, that’s a different story altogether.
Career
Before looking into the Cook’s life as a CEO, let us see what the man used to do for a living.He initially had a 12-year career at IBM. 1994 saw Cook become a chief operating officer (Reseller Division) at Intelligent Electronics. He then worked for Compaq as vice president of corporate materials, procuring and managing product inventory. After six months at Compaq, he then made his entry to the star studded technology company;Apple.
Life in Apple
Cook was asked to join Apple by Steve Jobs in 1998.He played a very important role in resurrecting Apple from its declining profits and was promoted to being the CEO for the first time in 2004. He was appointed as a provisional CEO again in 2007.Both the times he was an interim as Steve Jobs was on leave for pancreatic cancer and a liver transplant.2011 saw Cook heading majority of the operations as Jobs’ healthy rapidly declined.After Jobs resigned as CEO and became chairman of the board, Cook was named CEO of Apple Inc. on August 24, 2011.
Cook’s biggest contribution to Apple was his radical changes to the production and supply chain of their products. He got Apple out of the manufacturing and stocking of many of their products’ parts and negotiated with new companies to supply or produce what they needed. He virtually eliminated the need to stockpile inventory, reducing costs to Apple drastically (and caused huge line-ups outside Apple stores). He also took the initiative to lock up resources and manufacturers needed to make Apple products, reducing the opportunity for competitors to imitate them. He also leapt from Power PC chips to Intel chips in Apple computers. This made it possible to run Windows on a Mac, which brought millions of Windows users to switch to Mac.
He was also a leader of the company’s Macintosh division and in developing reseller/supplier relationship strategies. Less than a year after Cook made his Apple début, the corporation was reporting profits (fiscal year 1998)—an prodigious shift from it’s fiscal 1997 report showed a net loss of $1 billion from the prior fiscal year.This shows the change he bought about in Apple and he thus rightly deserves to be CEO.
Tim,the green crusader
Being CEO of a company like Apple has its own positives. Firstly he takes home a plush $4.2 million annually as his salary. His salary in 2012 was reportedly close to $ 1 million as per Forbes report.He also rakes in several millions of dollars annually in the form of stock awards and bonuses. He made a reportedly $378 million in 2011 being a part of Apple.
Compaq and IBM, being his past workplaces not just contributed to his experiences,but also to his source of wealth.He is not the only beneficiary here as he is able exercise 50% of the grant in 2016 and the rest in 2021. So it looks like Apple’s board of directors are betting big and on the long term with Tim Cook.
His interest in sports and gymming saw him be a part of the Board of Directors for Nike and the National Football League and of the Auburn University as well.Let us take a brief look at the money he made from 2010( courtesy Forbes) that currently puts him in league of extraordinary CEO’s
Salary: $800,016.00
Bonus: $5,000,000.00
Restricted stock awards: $52,334,250.00
All other compensation: $58,306.00
Non-equity incentive plan compensation: $900,000.00
Total Compensation: $59,092,572.00
Now that’s numbers for a guy who wants to count Tims Money.As on this month, his salary has reportedly increased by $1,135,475. His net worth presently goes up to $639,715,618. Serving as the B.o.D at Nike has its advantages, he sold 10,000 shares of Nike at $91. It is said that if the man sold his entire fortune, he could support the United State Deficit spending for 0.2 days!
Cook also takes home some of the most lucrative compensation packages. Together in three years starting from 2009-11, his package would be around a staggering $438 million.
Awards
He has received a ‘Lifetime Achievement Award from the Auburn University and also the Apple Stock award.And also the IQLA Achievement Award in 2013.
Charity
Cook supports the RFK Centre For Justice And Human Rights. He also supports gay rights.
