Thursday, January 27, 2022

Tim Cook’s 2021 pay package swelled to $98.7 million

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A proxy assertion filed by Apple on Thursday revealed precisely how a lot one can earn after ten years of operating the world’s most useful and most worthwhile firm, and for Tim Cook, that quantity is $98.7 million. While his base wage stayed at $3 million, a further $12 million in incentives, $82 million value of inventory awards, and the cash spent to cowl gadgets like safety and personal flights — since 2017, Apple doesn’t let its CEO fly industrial — nudged the whole factor nearer to the $100 million mark.

According to Apple, its complete shareholder return “was at the 97th percentile of the companies that were included in the S&P 500 for the entire performance period” from 2018 to 2021.
Image: Apple

That’s greater than six occasions his 2020 pay of $14 million, and as famous by MacRumors, and doesn’t embrace greater than $750 million in shares that vested this yr as the ultimate a part of a ten-year package Cook acquired when he took over the corporate. The phrases of that package modified in 2013 when inventory efficiency slipped, which Apple says occurred at Cook’s request, placing a number of the grant in danger if didn’t return sufficient cash to shareholders. And as we famous whereas recapping a decade of Apple beneath the management of Tim Cook, everyone knows what occurred subsequent.

In August, after we wrote that decade recap, Apple was nonetheless approaching a $2.5 trillion market cap, and within the time since, it has crossed $3 trillion (regardless of how briefly). It hasn’t all been joyful occasions, nevertheless. Over the final couple of years, Apple staff have opened up like by no means earlier than about points with its inside tradition together with the push to return to the workplace and pay transparency, amongst many different issues.

A submitting like this, in fact, is clear by nature for Cook in addition to different members of the board of administrators and government crew. Apple notes in its personal doc that after placing collectively “base salary, bonuses, commissions, and grant date fair value of equity awards granted to employees in 2021 as our consistently applied compensation measure” to discover the pay of its median worker, they acquired $68,254, making a compensation ratio of 1,447 to 1.

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