Tim Cook became Apple CEO in August 2011 after Steve Jobs resigned due to ill health

Tim Cook is the CEO and shareholder of Apple, the world’s first trillion dollar company.

He’s the man that oversaw the release of Apple products such as the iPhone 5, iPad Pro, the Apple Watch and most recently iPhone Xs and iPhone XR, taking over the Cupertino company after the death of co-founder Steve Jobs.

Here is all you need to know about Tim Cook including who he is and what is his net worth.

Tim Cook became Apple CEO in August 2011 after Steve Jobs resigned due to ill health

Tim Cook became Apple CEO in August 2011 after Steve Jobs resigned due to ill health

Who is Tim Cook?

Tim Cook was born on November 1, 1960 in Robertsdale, Alabama to a shipyard worker father and a mother who worked at a pharmacy. He studied as an undergraduate at Auburn University, graduating in 1982 with a degree in industrial engineering before quickly joining IBM’s PC Division.

In 1994, he left IBM to join Intelligent Electronics as the COO of the Reseller Division. However, after three years he jumped ship and joined Compaq as the VP of Corporate Materials. Six months later he was approached by Steve Jobs, who had just returned as Apple’s CEO. Cook joined as the SVP of worldwide operations

Cook admitted that the decision to join Apple was irrational, saying: ‘Any purely rational consideration of cost and benefits lined up in Compaq’s favor, and the people who knew me best advised me to stay at Compaq’ 

However, he revealed that his intuition told him that Apple was on track to become something special.

‘I wanted to throw caution and logic to the wind and join Apple. My intuition already knew that joining Apple was a once-in-a-lifetime opportunity to work for the creative genius, and to be on the executive team that could resurrect a great American company.’

Rising through the ranks, Cook became the company’s Chief Operating Officer in 2005 and was responsible for ‘all of the company’s worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities, and service and support in all markets and countries.’ 

In 2009 he became the interim Apple CEO while Steve Jobs was on a leave of absence to receive a liver transplant. 

Two years later, in January 2011 he again was named the interim CEO after Jobs announced he would be taking extended medical leave. 

In August of that year, he was officially named the CEO of Apple after Steve Jobs resigned.

As CEO, he led Apple to become the company with the world’s largest market capitalization and the most profitable business in the United States. 

In October 2014, he publicly came out as gay, becoming the first ever openly gay CEO of a Fortune 500 company.

What is Tim Cook’s net worth?

Tim Cook’s net worth is estimated to be at least $625 million, according to Equillar. That was based on a 2017 assessment that also said his net worth could be nearly $100 million higher at $701 million.

The majority of Cook’s money derives from his Apple stock. As Apple CEO, Cook has collected over $650 million in Apple stock. 

In August 2018, Cook received an additional 280,000 shares worth $120 million. Cook also earns an extra $3 million a year through his CEO salary. 

A further $3.4 million is generated by Cook’s presence on Nike’s board of directors.

Despite his extreme wealth, Cook is famous for his relative frugality. He owns a $1.9 million house in Palo Alto, where the median home value is now $3.3 million. 

There are even reports suggesting he buys his underwear at Nordstrom’s half-yearly sale.

Cook said that he would give away all of his wealth after providing for his 10-year-old nephew’s education.

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