Apple CEO Tim Cook Gets 47 Percent Pay Bump
If for some reason you were fretting about Apple CEO Tim Cook’s salary, don’t worry, he’s doing just fine.
Cook enjoyed a 47 percent jump in compensation in 2017, pulling in $12.8 million for the year, including a $9.3 million cash bonus. It’s a healthy jump from the $8.5 million he banked in 2016 when Apple’s revenue dipped slightly. But the company bounced back in 2017, spurred on by impressive Watch sales and the release of two new iPhones; its stock performance mirrored Cook’s compensation increase, running 47 percent since Jan. 1.
Cook’s pay disparity stood out even more in Apple’s proxy, released on Wednesday, showing that he made less than any other named Apple exec. But don’t cry for Cook just yet.
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In August, Cook received more than $89 million worth of vested stock, thanks to meeting company performance goals. He sold about $43 million worth of shares at the time. Cook inked a deal giving him 7 million shares of Apple stock over the next decade when he took over in 2011, which was valued at $378 million at the time. He modified the arrangement in 2013, pegging the stock vesting to Apple’s performance.
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Source: The Wrap