By Jon Swartz
New restricted stock units on tenth anniversary of promotion to chief executive pushes Cook's compensation to nearly 1,500 times the pay of Apple's average worker
Apple Inc. Chief Executive Tim Cook raked in nearly $100 million last year in compensation, nearly seven times what he earned in 2020, according to filings submitted to the Securities and Exchange Commission.
Here's how the pay breaks down: Cook received $3 million in base salary, $12 million in non-equity compensation, $1.4 million in other compensation, and $82.3 million in restricted Apple stock units. The total does not include $750 million in stock that vested last year, the final tranche from a massive stock package bestowed on Cook when he took over as CEO from cofounder Steve Jobs in 2011.
With the expiration of the restricted stock units, or RSU, award that Cook received when he became CEO, Apple established a new plan for Cook, as the company had previously disclosed. The new award, valued at $82.3 million in the filing but potentially worth much more, pushed Cook's compensation to nearly 1,500 times what Apple's average employee receives, the company disclosed.
"The 2021 annual total compensation of our CEO was $98,734,394, the 2021 annual total compensation of our median compensated employee was $68,254, and the ratio of these amounts is 1,447 to 1," Apple (AAPL) said in the annual proxy filing.
Cook received compensation totaling slightly less than $15 million in the previous year, which itself was a large raise thanks to a strong bonus.
Apple also disclosed compensation for Chief Financial Officer Luca Maestri, Chief Operating Officer Jeff Williams, General Counsel Kate Adams and other top executives. Each made nearly $27 million in pay during the 2021 fiscal year. Deirdre O'Brien, senior vice president retail and people, received just over $27 million during the same year.
The iPhone maker added it will hold its annual shareholder meeting on March 4 in a "virtual format" due to the COVID-19 pandemic, as it did last year. Shareholders will be asked to vote on 10 proposals, including a request for a civil-rights audit and a report on Apple's use of concealment clauses with employees.
(END) Dow Jones Newswires
January 07, 2022 06:58 ET (11:58 GMT)
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