Apple CEO Tim Cook sells stock worth $24 million

Apple CEO Tim Cook
Apple CEO Tim Cook this week earned over $24 million selling Apple stock, according to a filing with the SEC. Cook sold 108,136 shares that he received on April 1st when restricted stock units vested.
Juli Clover for MacRumors:
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The RSUs that vested yesterday were part of a time-based stock award that Cook was granted back in 2020. One-third of the shares vested in 2023, one-third in 2024, and the final third vested in 2025. The shares that were sold today were put in Cook’s trust.
Restricted stock units are given to Cook regularly as bonus compensation, encouraging him to stay on as Apple’s CEO. Cook has served as CEO since August 2011, and now that his RSUs have vested, Apple may give him another grant to keep him at the company for an even longer period. Cook also regularly receives RSUs that vest based on Apple’s performance, with that award typically happening in October.

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MacDailyNews Take: Hopefully, the Board won’t give him another grant.
Apple’s share price is currently the same as was on June 10, 2024.
We shall see, but it’s likely that Apple will do the same thing [with Cook] they did with Jony Ive – give him a transition title with nothing much to actually do in order to assuage Wall Street (and as they also just did with [CFO Luca] Maestri) when Cook finally decides to bow out — which he should have done long ago after serving 3-5 years following Steve Jobs’ untimely demise; a caretaker CEO hanging on well over a decade leads to missing paradigm shifts like GenAI and having to execute vaporware schemes in order to try to catch up. Until Apple again gets a visionary CEO, these issues will compound. It would also be nice to get a charismatic CEO who can handle live keynotes again. – MacDailyNews, July 27, 2024

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