Tim Cook, the Chief Executive Officer (CEO) of the world’s biggest tech company, Apple, was one of the highest-paid CEOs in the world, revealing a disclosure that covers Apple’s fiscal year, which began in September 2020 and ran through September 2021.
Tim Cook received $98.73 million in compensation in Apple’s fiscal 2021, showed an SEC filing published on January 6.
Here’s how Cook’s pay breaks down:
•$3 million in salary
•$12 million bonus for hitting Apple financial and environmental sustainability goals
•$1.39 million in other compensation, including $712,488 in personal air travel, $630,630 in security, a $17,400 contribution to his 401(k) plan, $2,964 in life insurance premiums, and $23,077 in vacation cash-out.
•$82.35 million in stock awards
“It’s been a remarkable decade for Apple and in 2021 Mr. Cook was granted an equity award for the first time since he was promoted to CEO in August 2011,” Apple said in the filing.
According to a report in CNBC, Apple said in its proxy that it determined Cook’s stock awards by considering Apple’s size, performance, and Cook’s role and performance as CEO.
Apple last week became the first publicly traded company on the planet to cross the $3 trillion market capitalization mark.
In October, Apple announced record earnings for the fourth quarter of 2021. The company said that its September quarter revenue stood at $83.4 billion – up 29 percent over the corresponding period last year. The company’s earnings could be higher, had it not been for supply chain shortages.
However, despite the massive payoff, Cook ranked eighth highest-paid CEO in the US as per Bloomberg's report in August 2021.
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