by Apple CEO Tim Cook received compensation totaling $4.17 million in 2012, down 98.9 percent on last year—although his 2011 compensation of $378 million consisted mostly of a one-off stock grant, worth $376.2 million at the time.
Cook’s salary, on the other hand, rose 50.8 percent, to $1.36 million, and his additional incentive payments more than tripled, to $2.8 million, the company revealed in a filing to the U.S. Securities and Exchange Commission (SEC) on Thursday.
His predecessor, Steve Jobs, famously took an annual salary of just $1. He received no additional incentive payments, although Apple picked up the tab for his private jet, paying $1.1 million from 2008 through 2010.
Apple’s compensation committee considered that Jobs was amply compensated by the growth in value of Apple’s stock, of which he held around 5.5 million shares. Its grant of 1 million restricted stock units (RSUs) to Cook on Aug. 24, 2011 was an attempt to motivate him in a similar way. Half the shares will vest in 2016, five years after he became CEO, and the other half in 2021, assuming he is still with the company.
To read this article in full or to leave a comment, please click here
