Tim Cook Receives Restricted Stock Units Worth Up to $114 Million, Ensuring He'll Remain Apple's CEO Through 2025

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.

timcooktulane
The second half of the RSUs are performance-based awards and will vest on October 1, 2023, based on Apple's relative shareholder return. Cook can potentially receive up to 200% of the 333,987 RSUs awarded for performance.

These performance-based restricted stock units are scheduled to vest on October 1, 2023. The "target" number of restricted stock units is reported. Between 0% and 200% of the target number of units may vest based on Apple's relative total shareholder return from the first day of Apple's fiscal 2021 and ending with the last day of Apple's fiscal 2023.

Paired with the time-based stock awards, Cook can earn up to 1,001,961 shares worth more than $114 million today if Apple's performance in the S&P 500 is in the 85th percentile or higher relative to other companies.

This is the first stock grant that Cook has received since 2011, with the last of that grant set to vest in 2021. As noted by Reuters' Stephen Nellis, Apple's board of directors issued a statement on Cook's RSU award:

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.

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.

The RSUs serve as bonus compensation for Cook and Apple's executives, and will encourage employees to stay with the company through at least 2025, which is when everything will be fully vested. Cook has been Apple's CEO since August 2011, and there has been some speculation lately on how long he will continue to work for Apple. Cook in a recent interview said that he can't envision his life not working at 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.

When Cook does opt to retire at some point in the future, Apple Chief Operating Officer Jeff Williams could assume the role of CEO, according to a recent Bloomberg report. Williams is "primed" to take over for Cook if necessary and considered the "heir apparent" within Apple.

Popular Stories

Apple CarPlay Ultra instrument cluster themes 01

Apple's CarPlay Ultra Is Here – Does Your iPhone Support It?

Thursday May 15, 2025 5:17 am PDT by
Apple's recently announced CarPlay Ultra promises a deeply integrated in-car experience, but not all iPhone users will be able to take advantage of the new feature. According to Apple's press release, CarPlay Ultra requires an iPhone 12 or later running iOS 18.5 or later. This means if you're using an iPhone 11, iPhone XR, or any older model, you'll need to upgrade your device to access...
Apple CarPlay Ultra instrument cluster themes 01

Apple's 'CarPlay Ultra' Experience Now Available

Thursday May 15, 2025 5:07 am PDT by
Apple today announced that its next-generation CarPlay experience, now dubbed "CarPlay Ultra" begins rolling out today, starting with Aston Martin vehicles. Subscribe to the MacRumors YouTube channel for more videos. CarPlay Ultra is now available with new Aston Martin vehicle orders in the U.S. and Canada. It will also be available for existing models that feature the brand's next-generation ...
CarPlay Ultra Climate Controls

Apple Says These Vehicle Brands Plan to Offer All-New CarPlay Ultra

Thursday May 15, 2025 8:13 am PDT by
Apple today announced the launch of CarPlay Ultra, the long-awaited next-generation version of its CarPlay software system for vehicles. CarPlay Ultra features deep integration with a vehicle's instrument cluster and systems, built-in Radio and Climate apps, customizable widgets, and more. The interface is tailored to each vehicle model and automaker's identity, and drivers can also adjust...
vision pro video recording

WSJ: Some Apple Vision Pro Buyers 'Feel Total Regret'

Friday May 16, 2025 7:43 am PDT by
Apple's Vision Pro headset has left many early adopters expressing dissatisfaction over its weight, limited use cases, and sparse software ecosystem, according to a new article from The Wall Street Journal. In the year following the device's launch, user feedback suggests that it has failed to meet expectations for comfort, software support, and social acceptance. In interviews conducted by T...
iPhone 17 Air Pastel Feature

iPhone 17 Air Could Debut Advanced Silicon Battery Tech

Friday May 16, 2025 8:00 am PDT by
The upcoming all-new ultra-thin iPhone 17 Air could become the first Apple smartphone to adopt advanced battery technology, with Japanese supplier TDK preparing to ship its new generation of silicon-anode batteries by the end of June. According to DigiTimes, TDK CEO Noboru Saito revealed in a recent interview that the Apple supplier has accelerated its production timeline, moving shipments...
fortnite apple featured

Apple Says Fortnite for iOS Isn't Blocked Worldwide, Just the U.S.

Friday May 16, 2025 9:58 am PDT by
Apple today clarified that it has not blocked Epic Games from updating the iOS Fortnite app in the European Union, but it is not planning to allow Epic Games to offer Fortnite in the United States App Store at the current time. In a statement to Bloomberg, Apple said that Epic Games tied its U.S. App Store submission to the update that was also being submitted to the Epic Games Store for iOS ...

Top Rated Comments

eoblaed Avatar
61 months ago
Clearly the board didn't consult the cynics on Mac Rumors about Mr. Cook's performance.
Score: 37 Votes (Like | Disagree)
now i see it Avatar
61 months ago
remove earbuds and charger from iPhone box, Pay CEO 100 million dollars. Ok, now I see it
Score: 28 Votes (Like | Disagree)
dannyyankou Avatar
61 months ago
I think Tim Cook has done as good as you can ask for since Steve Jobs left.
Score: 18 Votes (Like | Disagree)
LeeW Avatar
61 months ago
I don't grudge him it, but I grudge paying for devices that have so many issues, so often.
Score: 10 Votes (Like | Disagree)
Apple_Robert Avatar
61 months ago
With that kind of pay and benefits, he might be able to retire one day.
Score: 8 Votes (Like | Disagree)
NBAasDOGG Avatar
61 months ago

We love you Tim! Good job!!!
"We"?

Speak for yourself!
Score: 7 Votes (Like | Disagree)