"As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple. I believe Apple’s brightest and most innovative days are ahead of it..." said Jobs, in a statement.
In the past ten years in the company, Cook helped Apple to become the world’s first publicly traded trillion-dollar company. Apple's growth has also benefitted him. The company also helped him become a billionaire with a net worth of $1.3 billion.
Cook, whose first job was delivering newspapers, now earns around $3.4 million as a base salary with a bonus of up to $12 million. He also periodically receives large sums of Apple vested shares, which has helped increase his portfolio. He has a roughly 0.02% stake in Apple, making him the second-largest individual shareholder.
Cook, who earns 256 times the average Apple employee, is known for his frugal mentality. Unlike his social stature, Cook doesn't live in a mansion but has a modest house in California, which he bought for worth $1.9 million in 2010.