Tim Cook who is now almost a billionaire, answering to a question from Fortune said that he is going to pay for his nephew’s college education and donate the remaining wealth to philanthropic projects.
Tim Cook follows the path of Warren Buffett, Bill Gates & others
This is not the first time that a top executive is giving away the wealth on a huge scale. Warren Buffet and Bill Gates launched a campaign called “The Giving Pledge“, where it persuaded billionaires to donate half of their wealth to charity programs. Over 100 people including Michael Bloomberg, the American business magnate and Mark Zuckerberg, CEO of Facebook have signed up for “The Giving Pledge”. Jack Ma, co-founder of Alibaba started a multi-billion charity fund last year.
After Steve Jobs resignation as CEO of Apple, Tim Cook took the charge in the year 2011. Apart from having a heart of gold, Tim Cook has enough money in his bank account to make such announcements.
Eddy Cue, senior vice president for Internet software and services, who joined Apple in 1989 said,
He never tried to be Steve. He tried to always be himself. He has been very good at letting us do our thing. He’s aware and involved at the high end, and he gets involved as needed. Steve got involved at the pixel level.
Apple delivered a profit of $18 billion in last quarter, no wonder that Tim Cook, the current CEO of Apple has been named as “World’s best leader” by Fortune magazine. Cook’s pay at Apple has more than doubled last year to $9.2 million, as per the details found in regulatory filing. In the year 2014, $145 million worth of stock awards vested. Another $536 million in stock awards is on Tim Cook’s way.