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Apple pays US$4.17m to Cook
Source: Bloomberg News |
December 28, 2012, Friday
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Print Edition
Print Edition
APPLE Chief Executive Officer Tim Cook will receive compensation for 2012 valued at US$4.17 million after his salary was raised by 51 percent in his first full year in the job. He will get no stock awards.
The total includes US$1.36 million salary and US$2.8 million in incentive plan compensation, California-based Apple said yesterday in a regulatory filing. Cook's 2011 compensation of US$378 million, one of the biggest pay packages on record, was boosted by US$376.2 million in stock awards that he'll get over a decade.
Shares of Apple, maker of the iPhone and iPad, have dropped 27 percent from a September record, building up pressure on Cook to introduce a new hit product to fend off rivals Google and Samsung Electronics. Apple co-founder Steve Jobs passed the reins to Cook before his death in October 2011.
Chief Financial Officer Peter Oppenheimer will receive 2012 compensation valued at US$68.6 million, up from US$1.42 million a year earlier. His 2012 stock awards are valued at US$66.2 million.
Apple fell 1.4 percent to US$513 at the close in New York on Wednesday. Even with the decline since September, the stock is up 27 percent for this year.
Cook's base salary in 2011 was US$900,000. His total compensation in 2011 put him ahead of the highest-paid CEOs at the time, according to Equilar Inc, which tracks executive compensation. Oracle CEO Larry Ellison received 2011 compensation valued at US$77.6 million. At Microsoft, Steve Ballmer's pay package was worth US$1.38 million.
Amazon.com paid CEO Jeffrey Bezos a salary of just US$81,840 in 2011 and no stock awards, making him the lowest paid among large technology companies.(See Apple's copy lawsuit on A15)
The total includes US$1.36 million salary and US$2.8 million in incentive plan compensation, California-based Apple said yesterday in a regulatory filing. Cook's 2011 compensation of US$378 million, one of the biggest pay packages on record, was boosted by US$376.2 million in stock awards that he'll get over a decade.
Shares of Apple, maker of the iPhone and iPad, have dropped 27 percent from a September record, building up pressure on Cook to introduce a new hit product to fend off rivals Google and Samsung Electronics. Apple co-founder Steve Jobs passed the reins to Cook before his death in October 2011.
Chief Financial Officer Peter Oppenheimer will receive 2012 compensation valued at US$68.6 million, up from US$1.42 million a year earlier. His 2012 stock awards are valued at US$66.2 million.
Apple fell 1.4 percent to US$513 at the close in New York on Wednesday. Even with the decline since September, the stock is up 27 percent for this year.
Cook's base salary in 2011 was US$900,000. His total compensation in 2011 put him ahead of the highest-paid CEOs at the time, according to Equilar Inc, which tracks executive compensation. Oracle CEO Larry Ellison received 2011 compensation valued at US$77.6 million. At Microsoft, Steve Ballmer's pay package was worth US$1.38 million.
Amazon.com paid CEO Jeffrey Bezos a salary of just US$81,840 in 2011 and no stock awards, making him the lowest paid among large technology companies.(See Apple's copy lawsuit on A15)
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