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Apple chief executive Tim Cook receives $750m payout

The Chief Executive of technology giant Apple, Tim Cook has received more than five million shares as he completed ten years in the job.

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Apple chief executive Tim Cook receives $750m payout
Apple chief executive Tim Cook receives $750m payout

According to details, a company filing with the US Securities and Exchange Commission (SEC) watchdog shows that he sold most of the shares for more than $750m (£550m).

The money is part of the deal which he struck when he took over from co-founder Steve Jobs.

The award depended on how well Apple's shares performed compared to other firms on the S&P 500 stock index.

As to Apple's filing with the SEC, Mr Cook deserved to receive the award as the company's shares had increased by 191.83% over the last three years.

It also noted that Apple's share price has increased 1,200% since he became chief executive on 24 August 2011.

The company behind the iPhone, iPad and MacBook now has a market valuation of almost $2.5tn.

 

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