Home world Apple CEO Tim Cook’s total pay dropped last year, but he still took home over…


Apple CEO Tim Cook’s total pay dropped last year, but he still took home over…

by ace
Apple CEO Tim Cook's total pay dropped last year, but he still took home over...

Tim Inc., CEO of Apple Inc., speaks as US President Donald Trump, on the right, listens during a meeting of the American Workforce Policy Advisory board in the White House state dining room in Washington, D.C.

Al Drago Bloomberg Getty Images

Apple CEO Tim Cook's total salary declined last year as the company did not exceed its financial targets as much as in 2018. But he still managed more than $ 125 million in total compensation.

According to one SEC File on FridayCook earned $ 3 million in salary in 2019, the same as the year before, while his bonus decreased from $ 12 million to $ 7.67 million.

Most of Cook's salary came from the $ 113.5 million acquisition of Apple stock. Overall, Cook's salary, bonus, and acquisition compensation for the year fell 8 percent from $ 136 million in 2018. Since 2011, the year Cook became CEO, his compensation totaled $ 963.5 million, according to Equilar.

Apple exceeded its targets of $ 256.6 billion in net sales and $ 60.1 billion in operating revenue for fiscal year 2019, but the company has not exceeded the figures enough for top executives to maximize their bonuses.

"Annual cash incentives paid to 128% of the 2019 target, below the 200% maximum of the 2018 target," it said. In 2017, Apple executives received 155% of their target bonus.

In addition to Cook, Apple's chief financial officer Luca Maestri, legal advisor Kate Adams and chief operating officer Jeff Williams received less bonuses than last year, reaching $ 2.6 million, compared to $ 4 million, according to the document.

Apple sets its goals annually based on a variety of factors, including the macroeconomic environment, trading conditions, and currency winds.

Apple declined to comment beyond the proxy.

Cook also received more than $ 800,000 in other compensation, including a $ 16,800 contribution to his 401 (k) plan and $ 457,082 security expenses. Apple's board of directors also requires Cook to fly privately, which cost the company $ 315,311 in 2019.

The average Apple employee earned $ 57,596, up from $ 55,426 a year earlier. Not including his 2011 stock grant, which accounts for most of Cook's salaries, last year's CEO pay of $ 11.6 million was 201 times the amount earned by the average Apple employee.

Apple shares rose 89 percent in 2019, their best performance since 2009 and the Dow Jones Industrial Average's biggest earner in the year.

Apple shareholders will vote on executive compensation at the company's annual meeting on February 26.

CNBC's Josh Lipton contributed to this report.

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. (tagsToTranslate) Apple Inc. (t) Business (t) News: Technology (t) Technology (t) Mobile (t) Technology Apple Inc. (t) Tim Cook (t) Business News


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