While it appears to be a pay cut on paper, the 2011 package was inflated by over $375m in long-term stock awards which will vest over 10 years: once in 2016, and once in 2021.
Cook was on the receiving end of the largest single compensatory payout awarded to a chief executive in almost a decade, reports Reuters, shortly after he replaced the late Steve Jobs as CEO in August 2011.
Looking at base salary alone, it is reported that Cook received a 50% increase for 2012 to $1.4m. Top Apple executives are said to have been rewarded with a 200% bonus in which Cook was also included, receiving a further $2.8m.
Apple was recently rumoured to be gearing up for an early 2013 unveiling of the iPad 5.