- Apple CEO Tim Cook’s pay bundle totaled $14.7 million final 12 months — round a 28% jump from 2019, the corporate disclosed in its annual proxy assertion on Tuesday.
- Cook’s compensation included a base wage of $three million, $10.7 million in performance-based pay, and practically $1 million in journey and safety bills.
- Apple paid Cook 256 instances as a lot as the corporate paid its median worker, who earned lower than $58,000 — a rise from the 200 instances the everyday employee’s pay that he earned in 2019.
- Apple’s high 5 executives’ earned a mixed $120 million final 12 months — a 12% bump from 2019 — as the corporate posted file earnings regardless of uncertainty across the COVID-19 pandemic.
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Apple CEO Tim Cook’s compensation elevated by round 28% final 12 months to $14,769,259, the corporate disclosed in its annual proxy assertion on Tuesday. More particularly, that is up from the $11,555,466 he noticed in 2019.
Apple’s high 5 executives — Cook, CFO Luca Maestri, normal counsel Kate Adams, retail chief Deirdre O’Brien, and COO Jeff Williams — have been paid a mixed $119.eight million, a mean bump of round 13% from 2019.
Earlier this 12 months, Cook achieved billionaire standing, per a Bloomberg evaluation, due to a combination of his earnings and the worth of the Apple inventory he holds.
Cook’s pay bump follows a 12 months in which Apple posted file earnings regardless of the influence of the COVID-19 pandemic, which pressured the corporate to briefly shut retail shops around the globe, disrupted provide chains, and finally delayed the launch of the iPhone 12.
Cook earned a $three million base wage, which remained unchanged from earlier years, in addition to $10.7 million in incentive-based pay (out of the utmost $12 million he may have acquired).
Apple additionally spent greater than $1 million on different bills associated to Cook’s employment, principally by way of roughly $470,000 in safety prices and $430,000 in private air journey bills. In 2017, Apple’s board of administrators adopted a coverage requiring Cook to fly solely on non-public plane, in the identify of “security and efficiency.”
Apple was granted a restraining order early final 12 months in opposition to a man it mentioned had been stalking Cook, in a state of affairs that might have contributed to the manager’s safety prices. It’s unclear, nonetheless, why Cook’s journey bills elevated practically 40% throughout a 12 months in which public well being authorities urged Americans to restrict journey to assist sluggish the unfold of the coronavirus. We’ve reached out to Apple and can replace if we hear again.
Apple mentioned that Cook earned 256 instances as a lot as its median worker, who earned $57,783 in 2020. In 2019, Cook’s compensation was 200 instances that of the everyday Apple worker, although the corporate mentioned median employee pay did not improve sufficient final 12 months to considerably influence its CEO pay ratio.
Between 1978 and 1029, pay for American CEOs elevated 1,167%, in comparison with lower than 14% for the common employee, in line with an evaluation from the Economic Policy Institute.