Apple chief executive Tim Cook gets $750m payout
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Re: Apple chief executive Tim Cook gets $750m payout
#2Good for him?
Re: Apple chief executive Tim Cook gets $750m payout
#3I thought that CEOs of American companies were legally required to maximize profit. Reducing Cook's salary sure whould increase profits.
Re: Apple chief executive Tim Cook gets $750m payout
#4Probably interesting in relation to the app developer settlement, where Apple set up a fund of $100m to support small US app developers.
Re: Apple chief executive Tim Cook gets $750m payout
#5I thought that CEOs of American companies were legally required to maximize profit. Reducing Cook's salary sure whould increase profits.
Definitely seen companies do worse to try getting a couple million dollars.
Re: Apple chief executive Tim Cook gets $750m payout
#6I thought that CEOs of American companies were legally required to maximize profit. Reducing Cook's salary sure whould increase profits.
How do you know that for sure? With less compensation perhaps he wouldn't work as hard.
Re: Apple chief executive Tim Cook gets $750m payout
#7I thought that CEOs of American companies were legally required to maximize profit. Reducing Cook's salary sure whould increase profits.
> I thought that CEOs of American companies were legally required to maximize profit.
They are not. Management of companies has the fiduciary responsibility to act in the best interests of shareholders. That does not imply a legal requirement to maximize profit.
Re: Apple chief executive Tim Cook gets $750m payout
#8I thought that CEOs of American companies were legally required to maximize profit. Reducing Cook's salary sure whould increase profits.
> I thought that CEOs of American companies were legally required to maximize profit. They are not. Management of companies has the fiduciary responsibility to act in the best interests of shareholders. That does not imply a legal requirement to maximize profit.
A judge is also unlikely to assume the randos on a board are better at upholding fiduciary duty than the company executive. The case that created this BS is one where Henry Ford said literally nothing in his defense and lost.
Re: Apple chief executive Tim Cook gets $750m payout
#9I thought that CEOs of American companies were legally required to maximize profit. Reducing Cook's salary sure whould increase profits.
You have to pay for talent.
How many people in the world have the talent to run a $2.4 trillion company effectively.
Re: Apple chief executive Tim Cook gets $750m payout
#10This is a lot any way you look at it, but before everyone jumps in to compare to other things, it's worth noting that this was agreed 10 years ago, and the value is down to two things: 1) hitting targets that earned him this amount, and 2) the amount being in terms of shares, not dollar value, which he has essentially 10x'd the value of in his tenure.
If Apple had not roughly 10x'd in value over the last decade this would be a ~75m payout, and that's not even accounting for the fact that a lot of this was likely tied to increasing the share price.
It's an obscene amount of money, but it's not today's Apple giving Tim Cook $750m, it's 2011's Apple agreeing to give him 5m shares if he did well.
Edit: Misread the article, "191.83% over the last three years"!