Apples Tim Cook on track to land $90m bonus amid iPhone 8 excitement | Touch Latest Local,World,Tech,Entertainment,Health,Sport News
19 September 2017 00:00:00 AM Breaking News


Apples Tim Cook on track to land $90m bonus amid iPhone 8 excitement

Apple chief executive Tim Cook is due to receive a $89.6m (£69.4m) bonus after interest in the iPhone 8 boosted the company's share price.

Mr Cook is set to take home his full bonus for the year, eschewing fears that he would miss out because of Apple's disappointing performance.

At a glance | iPhone 8 rumours

3D tracking technology might be used to unlock the phone

Edge-to-edge display screens that cover the whole front of the phone

No home button Apple has patented a way of embedding Touch ID in the screen

Face ID unlocks the phone using facial recognition software

Touch Bar could make space for a 'function area' similar to the Touch Bar on the new MacBook laptop

iOS 11 will feature, among other things, peer-to-peer Apple Pay and a redesigned Control Centre

Wireless charging already in use for the Apple Watch and could now be integrated into iPhones

Mr Cook, who has been chief executive of Apple since 2011, will be awarded a $44.8m bonus next week, based on the company's performance, as well as a further $44.8m he receives annually in the form of 280,000 shares.

The chief executive's bonus is tied to Apple's stock market performance, with a clause that states he will only receive part of the reward if the company is in the top third of S&P 500 companies.

Apple's initially weak performance at the beginning of 2017 had led to speculation Mr Cook would receive just half of his bonus. But a boost in Apple's share price in recent weeks means he is set to take home the full award. 

The company's stock has climbed 39.5pc this year, bringing it close to a market cap of $1 trillion. The growth is in part thanks to excitement surrounding the iPhone 8, due to be released at the beginning of next month.

Investors and customers have been rallied by rumours about Apple's iPhone 8, which will be unveiled next month. The company is expected to drastically redesign the flagship device in celebration of the 10th anniversary of the first iPhone. 

The highly anticipated handset will reportedly have a display that fills its front and feature new technology including facial recognition and wireless charging. It could be Apple's most expensive smartphone to date, with reports indicating it may cost more than £1,000.

What we know | Apple's new iPhones

What is happening?

Apple is expected to unveil three new iPhones in September to follow last year's iPhone 7: an iPhone 7s and 7s Plus, and a new premium handset people are calling the iPhone 8.

What can we expect?

The 7s and 7s Plus are likely to be modest updates on the iPhone 7. But the iPhone 8 is likely to be a radical redesign. It will feature an edge-to-edge screen that removes the home button, facial recognition and 3D scanning technology.

Anything else?

The iPhone 8 won't be cheap: rumours suggest it will be north of £1,000. And it will probably be available in limited quantities at first.

Apple's share price has also benefited from a growth in investment in tech companies across the board. 

Apple has awarded Mr Cook a full bonus every year since his appointment. He took home $135m in 2016, although this included a five-year bonus award. His base salary is around $10m per year. 



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