Apple’s Tim Cook Rejects $75m Payout
It has become apparent that Apple’s CEO Tim Cook has turned down a massive $75 million dollar payout as the Cupertino company pay a quarterly dividend of $2.65 per share from July – the first time Apple have done this since 1995.
It was revealed that Tim Cook rejected this bonus in a filing with the Securities and Exchange Commission. It said that “At Mr Cook’s request, none of his restricted stock units will participate in dividend equivalents” but did not give a reason as to why. Recently though, it was revealed in a newspaper that Mr Cook was in-fact one of the best paid in the US, the Wall Street Journal said the CEO last year earned $378 million, although this massive amount was mainly due to the fact that he was awarded a million shares. Even so, his base salary is $900,000 a year, compared to Steve Jobs who famously only ever paid himself an annual salary of $1.
It was actually announced back in March that Apple would start to pay its shareholders a dividend, and also buy back some of its shares. Its thought that the company currently have around $110 billion in cash, some of which will be used to pay the dividends, and it will use around $45 billion over the next three years to buy back shares.
Earlier this year, Apple’s share reached a high of $644 per share, making its market value over $600 billion, and also making it the most valuable company in the world.