June 17, 2024


Imagination at work

Apple paid Tim Cook almost $100m last year

Tim Prepare dinner, the Apple manager, was paid out shut to $100m (£74m) final year, a massive improve on the prior 12 months, as the Iphone maker rocketed toward a $three trillion valuation.

His whole pay for the year to September twenty five was $98.7m, up from $14.7m, the Silicon Valley large discovered in a US filing.

The rise was mostly down to an $82m share award Mr Prepare dinner received under a shake-up of his pay scheme.

Apple claimed the sum was a reflection of the company’s good results under his management: “The amount recognises his outstanding management and is commensurate with the measurement, effectiveness, and profitability Apple has realized in the course of his tenure.”

Mr Prepare dinner celebrated a ten years operating Apple final year and the corporation changed how he was paid out right after the expiry of a ten-year bundle awarded when he succeeded Steve Work.

The vast majority of Mr Cook’s payment above the earlier ten years has been under his 2011 pay bundle, which associated him getting tranches of shares above the training course of the subsequent ten years.

He just lately cashed in these shares for $750m, a sum inflated by Apple’s extraordinary share cost rise under his management.

His $98.7m pay bundle final year, by distinction, coated 2021 by itself. He was paid out a $3m wage and the relaxation in income incentives and added benefits. The corporation put in $712,488 on private flights, possessing deemed it a security chance for him to fly commercially in 2017.

Apple’s shares rose by one,174pc above Mr Cook’s 1st ten years in charge, in comparison to 363pc for the S&P five hundred.

The stock has since risen even further more and, before this week, Apple turned the 1st corporation to cross a $three trillion sector capitalisation.

Speculation about Apple’s succession scheduling has intensified as Mr Prepare dinner, 61, arrived at ten yrs in charge.

He claimed final year that he did not think about operating the corporation for one more ten years, but that there was not a day in sight for his departure.

His most very likely successor is thought to be Apple’s main working officer Jeff Williams, who occupies the purpose Mr Prepare dinner loaded under Mr Work.

Apple claimed Mr Cook’s pay was one,447 occasions that of the median Apple staff, paid out $68,254. Most of its personnel are in its retail outlets.