Tim Prepare dinner, the Apple manager, was paid close to $100m (£74m) previous yr, a substantial improve on the past twelve months, as the Apple iphone maker rocketed in the direction of a $three trillion valuation.
His complete fork out for the yr to September twenty five was $98.7m, up from $14.7m, the Silicon Valley huge disclosed in a US filing.
The increase was largely down to an $82m share award Mr Prepare dinner obtained below a shake-up of his fork out scheme.
Apple stated the sum was a reflection of the company’s good results below his management: “The amount of money recognises his exceptional management and is commensurate with the measurement, performance, and profitability Apple has reached all through his tenure.”
Mr Prepare dinner celebrated a 10 years functioning Apple previous yr and the organization modified how he was paid soon after the expiry of a ten-yr package deal awarded when he succeeded Steve Employment.
The the vast majority of Mr Cook’s compensation over the previous 10 years has been below his 2011 fork out package deal, which associated him getting tranches of shares over the system of the pursuing 10 years.
He a short while ago cashed in those people shares for $750m, a sum inflated by Apple’s dramatic share cost increase below his management.
His $98.7m fork out package deal previous yr, by contrast, lined 2021 on your own. He was paid a $3m income and the rest in dollars incentives and positive aspects. The organization spent $712,488 on private flights, getting considered it a protection danger for him to fly commercially in 2017.
Apple’s shares rose by 1,174pc over Mr Cook’s very first 10 years in demand, in comparison to 363pc for the S&P five hundred.
The inventory has because risen even additional and, before this week, Apple turned the very first organization to cross a $three trillion marketplace capitalisation.
Speculation about Apple’s succession preparing has intensified as Mr Prepare dinner, 61, achieved ten yrs in demand.
He stated previous yr that he did not envision functioning the organization for an additional 10 years, but that there was not a day in sight for his departure.
His most possible successor is considered to be Apple’s main working officer Jeff Williams, who occupies the function Mr Prepare dinner loaded below Mr Employment.
Apple stated Mr Cook’s fork out was 1,447 times that of the median Apple employee, paid $68,254. Most of its employees are in its retail stores.