Apple CEO Tim Cook's 2017 Pay Jumped 47%, to $12.8 Million
Dec 29 2017
According to new report from Bloomberg, Cook enjoyed a 47 percent jump in compensation in 2017, pulling in $12.8 million United States dollars for the year, including a $9.3 million cash bonus.
"In 2017, Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer's annual cash incentive at 155.5% of target", the tech giant said in its annual proxy filing with the SEC. It's a healthy jump from the $8.5 million he banked in 2016 when Apple's revenue dipped slightly. Because 2017 was a 53-week fiscal year, the year's salary amounts reflected an extra week of pay; for Cook, that meant an additional $57,692.
For the company's 2017 fiscal year ended September 30, Applereported sales of $229.2 billion (up 6.3% from the year prior) and net income of $48.4 billion (up 5.8%).
CFO Luca Maestri, retail VP Angela Ahrendts, hardware engineering VP Dan Riccio, hardware technologies VP Johny Srouji and former counsel Bruce Sewell received bonuses of $3.11 million for a total compensation of $24.2 million each.
Just to put it in perspective: Apple's stock (NASDAQ: AAPL) started off the year at around $116.15 per share (at market close on January 3, 2017), but are now up about 39 percent (at $170.55 per share) as of Thursday, December 28th at 3:15 pm EST.
Absent from Apple's filing are details about what the company paid chief design officer Jony Ive, considered by some to be its most important employee. Their total compensation - including salary, stock awards, and bonuses - ends up being approximately $24.2 million each. Cook has promised to give away most of his fortune during his lifetime to philanthropy. It also includes $440,374 in "other" compensation, according to a regulatory filing.
"As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel", wrote Apple in the filing. That success led, in large part, to a 36.7 per cent increase in Apple stock prices year-over-year.
The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.