Digital Spy

Search Digital Spy
4

Tech News

Apple CEO Tim Cook's pay package shrinks by 99% compared to 2011

By
Apple CEO Tim Cook speaks during an Apple event in San Francisco, Wednesday, Sept. 12, 2012.

© PA Images / Jeff Chiu/AP

Chief executive Tim Cook was rewarded $4.17m (£2.59m) for his work in 2012, compared to $378m (£235m) the year before, according to details of 2012 compensation disclosed by Apple in a federal filing on Thursday (December 27).

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.

You May Like

Comments

Loading...