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Apple’s CEO’s package has totaled over $963.5 million since 2011

Tim Cook’s package has risen to close to a billion dollar in close to a decade.

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U.S stock futures trade flat, Apple regains $2 trillion market value, Apple iPhone 11, Tax battle: Apple challenges $14 billion court case , Apple to pay $500 million settlement in lawsuit over slow iPhones, Apple supplier Foxconn to reopen manufacturing base in China, Apple donates 10 million face masks to healthcare workers, App developers can now challenge Apple store guidelines 

Since 2011, when Tim Cook became CEO of Apple, his package has totaled over $963.5 million, according to an estimate from Equilar, an executive compensation firm.

Apple’s CEO collected his largest stock grant since 2011, which will reward him with large stacks of stocks through 2025, according to an SEC filing released yesterday.

Apple’s CEO will collect 333,987 units of restricted stock, that will vest as to one-third of the units, on an annual basis starting on April 1, 2023.

READ: Nestle’s parent company increases stakes in Nestle Nigeria in August

In a separate package, Cook will also vest 333,987 units of stock in 2023, which could double, if he meets targets related to Apple’s performance on the stock market.

If Apple continues to impress as it is presently, Cook will collect 1,001,961 shares of Apple by 2025, similar to the grant of 1 million shares he received shortly after he became CEO in 2011.

READ: Nigerians in diaspora reveal their favourite Nigerian Stocks 

Why Apple is doing well?

  • Recall, about two months ago, Nairametrics gave vital insights on why global investors and stock traders are placing more bets in growth stocks like Apple, thereby resulting in their astronomical rise in valuations, in spite of COVID-19.
  • These companies also have good macros in their businesses, partly due to low debts, high-profit margins, and the fact that more people are isolated and mostly working remotely on their iPhones and Macbooks.
  • Cook, 59, disclosed five years ago, that he plans to give most of his fortunes away. Already, he has gifted millions of dollars’ worth of Apple shares. His wealth could be lower, assuming he has made other undisclosed charitable gifts.

READ: App developers can now challenge Apple store guidelines 

Although if the world’s most valuable tech company underperforms, it’s also possible that the CEO will get none of such rewards.

At Tuesday’s closing price of $114.09, the maximum number of shares Cook could receive are worth $114 million. That amount will rise or fall with Apple’s stock price.

Tim has brought unparalleled innovation and focus to his role as CEO, and demonstrated what it means to lead with values and integrity,” Apple’s Board of Directors said in a statement.

READ: This is what you get if you buy the latest FGN Reopening Bond

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”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,” it stated.

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The stock grant suggests that Cook’s performance over the past decade is viewed highly by Apple’s board, which wants to make sure that he will be paid competitively through 2025, if he continues to be the CEO of Apple.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Profiles

John Oke is building the next payment solution in Africa

Oke is one of Nigeria’s leading youngsters making it their business to find solutions to everyday problems.

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The entrepreneurship landscape in Nigeria is very different from what it used to be a decade ago. More young people are building phenomenal businesses that are solving societal problems and creating more jobs for people in the process.

John Oluranti Oke is one of such persons. A Computer Science graduate from the University of Ilorin, Kwara State and a Future Awards Africa (TFAA) nominee for Technology.

John Oluranti Oke is a Software Engineer from Nigeria. He is the co-founder/CEO of Wallet.ng, a digital wallet/payments solution that allows users to make payments, transfer funds, pay bills and withdraw from ATMs. He co-founded Wallets Africa with his friend, Joseph Benson-Aruna to help users enjoy a seamless payment experience.

He previously worked for Suregifts, a gift voucher company as a Senior Software Engineer, where he helped build the first version of the Sureremit app. He also led a successful integration between Suregifts and Safaricom’s M-Pesa to help users pay for goods at M-Pesa till using gift vouchers.

While working at Suregifts, the Idea for Wallets Africa first crossed his mind. He noticed one could make use of a Suregifts voucher to pay at an M-Pesa till at a mall or to get tickets at an IMAX cinema in Nairobi. That was when he realized that all financial transactions could be done through a digital wallet.

Oke started working and consulting for banks like Wema Bank where he worked on several projects that helped transform the bank’s operational processes, interfacing with and building on the bank’s Core Banking Application (Finacle).

He also worked for fintech companies like Interswitch. Working in these companies helped him to gain some experience in how things work in the financial space before he started building Wallets Africa.

Oke also founded some companies in the past like, Ngfeeds.com, a news aggregating platform that uses pattern matching algorithms to get news, gossips, and content every minute from the most visited websites in Nigeria and delivers the resulting content to users over a website.

In 2014, he founded Geeks14 Inc, a software development company that has serviced and consulted for clients across Nigeria.

Wallets Africa currently has over 5,000 businesses and 70,000 users who make use of their services daily.

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Profiles

Meet the new EFCC Chairman, Abdulrasheed Bawa

The new anti-graft boss has spent about 16 years working with the EFCC as a detective.

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Before the news of the confirmation of his appointment broke, observers were optimistic that Abdulrasheed Bawa will be the new Chairman of the Economic and Financial Crimes Commission (EFCC).

Their reasons were not far from the countenances of the Senators that screened him and the type of questions they asked. Most of them praised his confidence and diligence.

Below is the short profile of the youngest EFCC boss: 

  • Abdulrasheed Bawa, who graduated from the Usmanu Danfodio University, Sokoto, with a Bachelor of Science degree in Economics (Second Class Upper) in 2001, joined the EFCC as an Assistant Detective Superintendent (ADS) in 2004.
  • He also holds a Master’s degree in International Affairs and Diplomacy which he obtained from the same university in 2012.
  • According to his resume, the new anti-graft boss has spent about 16 years working with the EFCC as a detective, and is currently pursuing a Bachelor of Laws degree at the University of London.
  • He was part of the pioneer EFCC Cadet Officers, course one, 2005, as he rose through the ranks to become a Deputy Chief Detective Superindent (DCDS), a position he has been holding since 2016 up till the time of his nomination as the anti-graft agency’s substantive chairman.
  • He has vast investigation experience and has been part of the prosecution of advance fee fraud, official corruption, bank fraud, money laundering, and other economic and financial crimes related offences.

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