Apple boss Tim Cook was paid nearly $100m last year, filings show

Figure represents a 570% increase on previous year, and was 1,447 times the average Apple employee’s pay

Apple’s chief executive, Tim Cook, was paid nearly $100m last year, a 570% increase on the previous year, according to regulatory filings.

Cook, 61, who took over as chief executive from the Apple founder Steve Jobs in 2011, also gained access to share awards worth about $750m as the iPhone maker’s market value approaches $3tn.

His total compensation for the year to September 2021 was $98.7m, up from $14.7m the previous year, filings with the US Securities and Exchange Commission (SEC) show.

Cook’s pay was 1,447 times that paid to the average Apple employee, who collected a median average of $68,254, the company said.

His 2021 pay was boosted by a $82.3m stock award bonus related to Apples’ soaring share price. His base salary was $3m, he also collected $12m in bonuses for hitting the company’s financial and environmental sustainability goals.

The filings also show Apple spent more than $700,000 on private flights for Cook, as the company has decided it is too much of a security risk to allow him to fly on scheduled commercial flights. The company also paid hundreds of thousands in personal security, pension contributions, life insurance and buying back unused holiday time.

“It’s been a remarkable decade for Apple and in 2021 Mr Cook was granted an equity award for the first time since he was promoted to CEO in August 2011,” Apple said in the filing.

Cook, who is sitting on a personal fortune of just over $1bn according to the Bloomberg Billionaires Index, has said he plans to give away all of his fortune before he dies. In 2015 he told Fortune magazine that he planned to donate all of his wealth to charity after providing for his then 10-year-old nephew’s education.

Source: Read Full Article