Apple chief gets $373m in shares

TIM COOK, who marked his five-year anniversary as Apple’s chief executive on Wednesday, received shares valued at $373 million (R5.28 billion) during that period as the iPhone maker’s stock doubled on his watch. When Cook took the helm in 2011, he was granted 1 million shares. Originally, 50 percent of those were scheduled to vest on his five-year anniversary, with the rest coming due after a decade with the company. That changed in 2013, when Cook voluntarily tied one-third of the award to outperforming the S&P 500 index and the shares began vesting annually. The payout is based on Apple returning 61 percent during the past three years, placing it in the top-performing third of the S&P index. – Bloomberg

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