Tim Cook, CEO of Apple Inc. (NASDAQ: AAPL), unveiled the next generation iPad early this month. On March 16, the latest iteration of the market leading tablet will be available in shelves in many countries.

The third generation iPad, which features a higher-resolution display, a new processor, and support for high-speed 4G LTE data networks, is expected to widen Apple's lead over rivals.

Shares have been getting a boost from anticipation of the new iPad. The shares closed at $589.58 on March 14. The stock has gained 46 percent this year. According to Bloomberg News, the stock may climb 19 percent to $700.

But Cook, who succeeded Steve Jobs as head of Apple in August 2011, cashed in early from his shares at Apple.

According to a Form 4 filing with the Securities and Exchange Commission, Cook on March 10, 2012, took 37,500 shares of Apple that was awarded to him two years ago and sold the shares in multiple trades at $547.21 to $551.97 per share. Cook pocketed a total of $22.17 million from the sale of the shares.

Cook had 13,817 shares remaining following the transaction.

In 2011, Cook received a pay package that included $900,000 in salary, $900,000 in incentive pay and 1 million shares of Apple valued at $376.2 million at the time they were issued. Half of the "restricted stock units" will vest in 2016, and the rest in 2021 if Cook remains with Apple. Cook's annual salary was raised to $1.4 million in November.

In 2010, Cook's pay compensation was a "mere" $59 million, which included an $800,000 salary.