What you need to know
- Tim Cook received a restricted stock grant today, according to an SEC filing.
- The Apple CEO received 667,974 restricted stock units that will vest through 2025.
- Luca Maestri, Deirdre O'Brien, and Jeff Williams also received awards.
Reported by MacRumors, a new filing with the SEC revealed that Apple CEO Tim Cook has been awarded over 667,000 restricted stock units that are worth, according to today's stock price, over $76 million.
Apple CEO Tim Cook was this week awarded 667,974 restricted stock units or RSUs worth more than $76 million at Apple's current price, according to a filing with the SEC. The first half of the RSUs are set to vest in one-third increments in 2023, 2024, and 2025, so Cook will receive 111,329 shares every April starting in 2023.
According to the report, this is the first stock grant that Tim Cook has received from Apple since 2011. The last of that grant will completely vest in 2021, which explains why this new one will vest in 2023 through 2025.
Apple's board of directors issued a statement on the award, citing the CEO and Apple's enormous success since Cook took on the role at the company.
"Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity. For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple's future as he carries these efforts forward."
Cook was not the only Apple executive to receive stock awards this time around. Luca Maestri, Deirdre O'Brien, and Jeff Williams also received over 178,000 shares as well.
Several employees on Apple's executive team have also received stock awards, including Luca Maestri, Deirdre O'Brien, and Jeff Williams, all of whom have been awarded 178,128 shares. As with Cook's award, half of these RSUs will vest between 2023 and 2025, while the rest are performance based awards.
Many have started to wonder when Cook might retire, but according to the CEO, he can't envision his life without Apple.
"I consider it the privilege of a lifetime to be here in this role at this time. I love working with this team. I consider them family. It's hard to explain. It may sound like messaging or something, but it's not. It's that deep in my heart, I really love the people I work with and currently it's tough to envision my life without that. So we'll see. At some point, of course, we all do something different, but at the moment, there's no place I would rather be than right here."
Of course, one day Cook will have to leave for one reason or another. When he does, Jeff Williams, Apple's Chief Operations Officer, is rumored to be the one who would take the helm.