Apple’s Tim Cook Gets $89 Million Stock Payout

Apple CEO Tim Cook received company stock worth $89 million last week after hitting a key performance target, according to a regulatory filing Monday.

The payout is part of the huge welcome package that Apple (AAPL, Tech30) gave Cook after he succeeded Steve Jobs in 2011. Cook only gets the shares in fixed amounts as they vest over a period of years.

Not all the money ended up in Cook’s hands, though. Apple said it set aside about $46 million to meet tax requirements. Cook sold off the other shares between Thursday and Monday for a total of about $43 million. Read more at CNN.

{Matzav.com}