Tim Prepare dinner, the Apple boss, was paid out close to $100m (£74m) final 12 months, a substantial increase on the prior 12 months, as the Apple iphone maker rocketed to a $three trillion valuation.
His total pay out for the 12 months to September twenty five was $ninety eight.7m, up from $fourteen.7m, the Silicon Valley big exposed in a US submitting.
The rise was mainly down to an $82m share award Mr Prepare dinner acquired below a shake-up of his pay out scheme.
Apple stated the sum was a reflection of the company’s achievement below his management: “The total recognises his extraordinary management and is commensurate with the dimension, efficiency, and profitability Apple has reached through his tenure.”
Mr Prepare dinner celebrated a 10 years running Apple final 12 months and the corporation transformed how he was paid out right after the expiry of a ten-12 months offer awarded when he succeeded Steve Work.
The greater part of Mr Cook’s compensation over the earlier 10 years has been below his 2011 pay out offer, which concerned him receiving tranches of shares over the training course of the subsequent 10 years.
He not long ago cashed in those people shares for $750m, a sum inflated by Apple’s dramatic share price tag rise below his management.
His $ninety eight.7m pay out offer final 12 months, by contrast, protected 2021 on your own. He was paid out a $3m income and the relaxation in cash incentives and added benefits. The corporation expended $712,488 on non-public flights, getting considered it a stability threat for him to fly commercially in 2017.
Apple’s shares rose by 1,174pc over Mr Cook’s 1st 10 years in cost, compared to 363pc for the S&P 500.
The inventory has considering that risen even further more and, previously this 7 days, Apple turned the 1st corporation to cross a $three trillion sector capitalisation.
Speculation about Apple’s succession organizing has intensified as Mr Prepare dinner, sixty one, arrived at ten yrs in cost.
He stated final 12 months that he did not imagine running the corporation for another 10 years, but that there was not a day in sight for his departure.
His most likely successor is thought to be Apple’s chief working officer Jeff Williams, who occupies the purpose Mr Prepare dinner stuffed below Mr Work.
Apple stated Mr Cook’s pay out was 1,447 periods that of the median Apple staff, paid out $68,254. Most of its personnel are in its retail suppliers.