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Apple CEO's pay dropped about $10m in 2019 on lower bonus

Jan 04 2020 11:50
Mark Gurman, Bloomberg

Apple Chief Executive Officer Tim Cook made $125m (about R1.8bn) in the company's 2019 fiscal year, less than the year before due in part to a lower bonus.

Cook got a $3m salary, a $7.7m bonus and $884 466 in perks and other compensation in the latest period, the Cupertino, California-based technology giant said in a filing Friday. The executive also had $113.5m worth of Apple stock vest.

That $125m in total compensation was down from the $136m Cook made a year earlier.

In that 2018 fiscal year, he got a $12m bonus, his largest ever. The bonus shrank in the latest period because Apple didn't beat its sales and operating income targets by as much as the year before.

Apple CEO Tim Cook's bonus history. (Bloomberg)

Cook holds unvested Apple shares worth almost $400m, according to Apple's filing. Cook has amassed the majority of his stock through a 2011 equity award when he took over as CEO from co-founder Steve Jobs.

Other Apple executives, including Chief Operating Officer Jeff Williams, Chief Financial Officer Luca Maestri and General Counsel Kate Adams also saw their total compensation decline. All three executives saw their bonuses decline from $4m to $2.6m for the same reason as Cook.

Apple spent $457 083 on Cook's security in 2019, another $315 311 on personal air travel expenses, the company said in its filing.

Cook donated $2m worth of Apple shares to an undisclosed charity last week and has said he plans to eventually donate the majority of his fortune before he dies.

apple  |  tim cook  |  remuneration  |  earnings


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