Yahoo Finance Apple boss Tim Cook pockets 47% pay rise to take home almost $13m
Apple boss Tim Cook has pocketed a 47% pay rise to take home almost $13m (£9.6m).
Cook’s package was boosted by better-than-expected sales at the tech giant and saw him earn $12.8m for the year to the end of September.
That was made up of a $3m salary and $9.3m in bonuses and other add-ons. He also benefited from a generous share award, banking $89.2m worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011.
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New regulatory filings show that Cook has been given the use of a private jet for the first time, citing “the interests of security and efficiency based on our global profile and the highly visible nature of Cook’s role as chief executive”.
The bumper package is linked to Apple’s share price performance versus its S&P 500 peers and comes after the company beat its annual sales and income targets.
The tech giant booked net sales for 2017 of $229.2 billion and also posted an operating income of $61.3 billion, while its share price rose 36.7% in 2017.
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Apple sold more than 46.6 million iPhone handsets in the last quarter, up from 45.5m in the comparable period in 2016.
The company makes the bulk of its money from the iconic iPhone and the latest version – the iPhone X – was released worldwide in November.
However, at almost £1000 for a handset it it the most expensive one yet and analysts believe that could dent sales.
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In 2015, Cook received $10.3 million but this dropped to $8.74 million in 2016 following a slump in demand for iPhones and a sharp downturn in its business in China.
A regulatory filing released by the US firm read: “Our executive compensation programme is designed to reward performance in a simple and effective way.
“It reflects the unparalleled size, scope, and success of Apple’s business and the importance of our executive officers operating as a high-performing team, while focusing on key measures of profitability and the creation of shareholder value.”
