Tim Cook’s 2012 Compensation Plummets 99% to $4mThu, Dec 27, 2012 - 10:45 AM
It looks like the various problems with Apple’s recent products (dodgy purple tinged pictures, Maps issues etc) have caused Apple’s shares to drop by 27% and are now taking there toll on CEO Tim Cook’s fortunes. Specifically, in 2012 his compensation was $4.17m after a salary raise of a massive 51% after just one full year doing the job, with no stock awards. This compensation consists of a $1.36m basic salary and $2.8m in incentive plan compensation, as reported by Apple in a regulatory filing. This is in stark contrast to Cook’s 2011 compensation which consisted of a staggering $378m – one of the biggest pay packages ever – which was boosted by $376.2m in stock awards which he will receive over a decade. The lack of these stock awards, mean that his overall pay this year is down a huge 99%. Regardless of this slump, this is money that most of us can only ever dream of, still making him incredibly successful.
Shares of Apple, maker of the iPhone and iPad, have dropped 27 percent from a September record, building up pressure on Cook to introduce a new hit product to fend off rivals Google Inc. and Samsung Electronics Co. Apple co-founder Steve Jobs passed the reins to Cook before his death in October 2011.