Apple CEO Tim Cook received nearly $ 100 million in rewards in 2021

Date:

Apple Ltd

AAPL -1.67%

Chief Executive Officer Tim Cook received approximately $ 100 million in compensation in 2021. That year, he completed 10 years as CEO of the company, making iPhone makers profitable during a pandemic.

According to the tech giant’s annual mandate solicitation filed with the Securities and Exchange Commission, his $ 98.7 million salary package increased by more than 500% compared to the previous year’s $ 14.8 million.

Apple has benefited from the new iPhone with 5G cellular capabilities, and workers and students stayed home during the pandemic of buying laptops and iPad tablets. The company’s share price rose about 80% last year and has continued to rise recently, falling after Apple’s market capitalization exceeded $ 3 trillion this week. In fiscal year 2021, Apple’s profits and revenues exceeded the company’s historical record, with revenue exceeding $ 365 billion.

Cook’s base salary of $ 3 million hasn’t changed.

Most of Cook’s increase in compensation plans is due to the grant of $ 82.3 million worth of restricted stock. In 2020, the first day of 2021, Apple awarded Cook a new long-term equity plan that includes vesting shares from 2023 to 2025, while providing an incentive to continue as CEO. Cook, 61, joined Apple in 1998.

Filing shows that Cook and other executives received a bonus payment of about twice the compensation target after Apple exceeded its internal financial target. Apple’s annual shareholders meeting will effectively take place on March 4.

It’s been 10 years since he took over from co-founder Steve Jobs last year, just before Cook died. “It’s been an amazing decade for Apple, and Cook was awarded the Equity Award for the first time since he was promoted to CEO in 2021,” the company said in a filing. In that decade, Apple’s market share has risen by more than 1,100%, about three times that of the S & P 500, according to Filing.

In addition to last year’s compensation plan, Cook saw a previously awarded $ 754 million vesting of shares. By 2020, he held a total of $ 281.9 million in restricted shares vested that year.

Cook said he plans to donate most of his wealth to charity.

Write in Tim Higgins Tim.Higgins@WSJ.com

Correction and amplification
Tim Cook started working at Apple Inc. in 1998. Earlier versions of this article mistakenly stated that they started working for Apple Inc. in 1988. (Corrected on January 6)

Copyright © 2022 DowJones & Company, Inc. all rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

On January 7, 2022, a printed version was released as “Apple CEO’s” 21 PayWas $ 98.7 Million “.

Apple CEO Tim Cook received nearly $ 100 million in rewards in 2021

Source link Apple CEO Tim Cook received nearly $ 100 million in rewards in 2021

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