Apple Inc.’s chief executive officer Tim Cook is a prominent figure in the American business community. His tenure at the company began in 1998, and he was named CEO in 2011. As of this writing, Tim Cook has a net worth of $1.5 billion.
Apple’s market value reached a height of $350 billion when Steve Jobs was serving as CEO and founder.
When Tim was appointed CEO in 2011, many people questioned if he could live up to the standards set by his talented predecessor.
Nowadays, Apple has a market cap of more than $2.4 trillion.
Early Life
On 1 November 1960, in Mobile, Alabama, Timothy Donald Cook entered the world. Both his father Donald and his mother Geraldine worked, with Donald working at a shipyard and Geraldine in a drugstore. He grew up in close proximity to Robertsdale.
Cook graduated from Robertsdale High and then moved on to Auburn University to study industrial engineering. He received his degree in 1982. Cook attended Duke University’s Fuqua School of Business and graduated with a Master of Business Administration in 1988. As one of the top students in his graduating class, he was named a Fuqua scholar.
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What is Tim Cook’s Net Worth and Salary?
Tim Cook is a well-known American business leader for his role as Apple Inc.’s chief executive officer. He started working there in 1998 and eventually became CEO. As of the time of this writing, Tim Cook is worth $1.5 billion.
Under former CEO/founder Steve Jobs, Apple’s market cap peaked at $350 billion. Many people had doubts about Tim’s ability to succeed as CEO because he replaced a genius. Currently, Apple has a market cap of over $2.4 trillion.
In the ten years following Tim Cook’s appointment as Apple’s CEO, a $1,000 investment in Apple stock would have yielded a total of $13,000.
Tim has pledged to leave the majority of his fortune to charity before his death, and he has already given away tens of millions.
Early Career
After graduating from college, Tim Cook was hired by IBM, where he worked his way up to the position of North American Fulfillment Director, where he oversaw the production and distribution of IBM PCs in the Americas. Cook spent 12 years at IBM before joining Intelligent Electronics as COO of their Reseller Division. After that, for six months, he was Compaq’s vice president of corporate materials, overseeing supplies and inventory.
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Apple
Cook’s next position was as Apple’s Senior Vice President for worldwide operations in 1998. In this role, he oversaw all sales and operations worldwide, from marketing and distribution to customer service. Tim joined Apple when times were particularly difficult before the company had released any of its now-iconic portable electronic devices. The company’s profits were falling and not growing. It has been said that Tim’s many friends all tried to talk him out of joining the failing business.
Cook replaced Apple employees in manufacturing facilities with contract manufacturers and made long-term investments like an advance investment in flash memory in an effort to turn Apple’s financial situation around and return the business to profitability.
Cook’s efforts during this period are credited with turning Apple’s financial situation around from a net loss of $1 billion during the previous fiscal year to a massive profit. He also oversaw the Macintosh division and worked on initiatives for improving the company’s connections with its resellers and suppliers. In January of 2007, he was given responsibility for operations, and in 2009, he became CEO.
Steve Jobs, Apple’s co-founder, and current CEO took time off due to health issues during this period. Tim was put in charge of day-to-day operations at Apple when Jobs took another leave of absence in January 2011.
Cook succeeded Jobs as Apple’s CEO in August 2011, after Jobs had quit. Two months later, in October 2011, Steve Jobs lost his battle with cancer and passed away. Together, they were able to turn around a corporation that had been on a downhill spiral and increase annual revenue from less than $6 billion in 1998 to more than $100 billion in 2017.
Time magazine named Cook one of the world’s 100 most influential people in its April 2012 issue.
In 2012, the board of directors at Apple Inc. granted him one million shares. Cook stated his intent to leave his whole stock portfolio to charity. Apple’s largest acquisition to date cost the company $3 billion in May 2014 when it bought Beats Music and Beats Electronics. The iPhone 6 was introduced by Apple in the summer of 2015. Apple’s watch was unveiled a year later.
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Other Ventures
In the wake of the National Security Agency event with Edward Snowden, President Barack Obama convened a secret summit in 2013 to discuss surveillance and the internet. Cook was in attendance. After the December 2015 terrorist assault in San Bernardino, California, the FBI reached out to Apple for help unlocking an iPhone belonging to one of the perpetrators.
Eventually, the DOJ demanded that Apple develop specialized iOS firmware that would provide law enforcement access to any iPhone in order to collect evidence. Cook criticized the demands in an open letter as a breach of privacy that would have “chilling” effects on public privacy and safety.
Tsinghua University’s economics department named Cook the new chairman of its advisory board in October 2019. The length of his term will be three years. Both Nike, Inc. and the National Football Foundation have had him serve on their boards of directors. His Nike stock portfolio is worth $3.4 million.
Personal Life
Cook is noted for being a solitary, highly private person. In an essay for Bloomberg Business published in 2014, he made history by coming out as gay while serving as CEO of a Fortune 500 business for the first time. He explained his choice to come out on The Late Show with Stephen Colbert in September 2015:
“Where I cherished my privacy greatly, I felt that I was valuing it too far above what I could do for other people, so I wanted to tell everyone my truth.” He has said he hoped the young people of the LGBTQ community would be encouraged by his outspokenness and not hide their identities out of fear.
Chef Cook is single and childless.
Cook contributed to both Obama and Clinton’s presidential campaigns. Tim was briefly considered by Clinton as a potential running mate for her 2016 presidential run.
Tim has declared that the majority of his wealth would be donated to charity after his death.
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Real Estate
Tim, one of the world’s highest-paid business executives, lives in a very small Palo Alto, California home that measures just 2,400 square feet. Before being promoted to CEO, he spent $1.9 million on a home in 2010.
Tim spent $10.1 mil in 2018 to purchase a 10,000 sq ft mansion in La Quinta, California’s posh gated community, the Madison Club.
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