Apple CEO Tim Cook has been awarded $89.2 million in Apple stock

Apple CEO Tim Cook has been awarded $US89.2 million (£68.8 million) in Apple stock, Bloomberg reported on Tuesday.

The 56-year-old chief executive was reportedly given 560,000 Apple shares last Thursday for his recent performance at the iPhone maker.

The payout is said to be the largest possible under Apple’s long-term compensation program. It’s the fourth consecutive time he’s received the maximum payout.

Cook took over from Steve Jobs in 2011 and he receives annual payouts from a large pot of stock that is set to vest over the course of a decade.

About a third of the shares that Cook receives each year are tied to Apple’s relative stock performance against the S&P 500 — an index of 500 large US companies listed on the New York Stock Exchange or the Nasdaq stock market.

Apple outperformed at least two-thirds of businesses in the S&P 500 Index over the last three years, according to a regulatory filing seen by Bloomberg.

Apple’s share price soared to a record $US159.75 (£123.34) earlier this month after Apple beat Wall Street expectations in its third quarter results.

Cook plans to give most of his wealth to charity, according to comments he made in 2015.

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