Tim Cook set for $114m Apple share windfall despite iPhone sales slump

Matthew Field 25 August 2019 • 5:26pm

Tim Cook is in line for a bumper share payout worth about $114m (£93m) after Apple’s share price neared record highs despite a slump in iPhone sales.

The Apple boss will be able to cash in a giant share award of more than half a million shares in the coming days.

About 280,000 Apple shares awarded for remaining with the company are set to vest, along with another 280,000 linked to its performance.

Mr Cook, 58, received a massive share bonus award in 2011 when he took over from founder Steve Jobs. Two years later he asked the board to link the payouts to the tech giant’s share price performance.

Apple stock must outperform two thirds of S&P 500 companies over the three years to August 2019 for Mr Cook to get his full award for the year.

Shares closed on Friday in New York at $203, up about 40pc since the start of the year, despite a shock profit warning in January following a decline in iPhone sales.

The iPad maker’s value, which hit $1 trillion last year, stood at $915bn on Friday.

Mr Cook faces a significant tax bill on the windfall. He has said he planned to donate most of his substantial fortune to charity.

Apple declined to comment.