How Apple CEO Tim Cook Became a Billionaire

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It's been exactly 10 years since Tim Cook was named Apple's  (AAPL) - Get Apple Inc. (AAPL) Report CEO. As Steve Jobs resigned as Apple's CEO, he passed the baton to Cook on August 24, 2011.

"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. 

Besides Apple, Cook has been on Nike’s  (NKE) - Get NIKE, Inc. (NKE) Report board of directors since 2005, which helped him bring $3.4 million in stock options. 

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.

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