In the 2021 fiscal year, Apple CEO, Tim Cook, who led the business to a $3 trillion valuation this year, received a stunning $98.73 million in total pay. His prior total compensation of $14.76 million in 2020 has increased by a 668%.
This is according to an SEC filing published recently. The disclosure covers Apple’s fiscal year, which began in September 2020 and ran through September 2021.
According to the document, Cook’s total salary in 2021 was 1,447 times that of the median Apple employee, who earned $68,254.
“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.
What you should know
- Cook’s remuneration includes a $3 million salary, a $12 million bonus for meeting Apple’s financial and environmental sustainability targets.
- $1.39 million in other compensation, which includes $712,488 in personal air travel, $630,630 in security, a $17,400 401(k) contribution, $2,964 in life insurance premiums, and $23,077 in vacation cash-out.
- Finally, stock awards totalled $82.35 million.
- The majority of his remuneration is made up of an $82 million stock award that was given on the first day of Apple’s fiscal year 2021 but has yet to vest.
- The official pay figure excludes $754 million in shares that were vested in August as part of an older grant.
- Cook joined the billionaire’s club in August 2020 and is one of the rare tech giants who top the list that didn’t start the company
Other top officials, such as CFO Luca Masstri and VP KATE Adams, did not see a significant change in compaction in 2021.
Apple reported a 33 % revenue increase with sales of more than $365 billion. Apple also became the first business to attain a market valuation of $3 trillion in 2022, increasing $1 trillion in less than 16 months.