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Tim Cook, the famous CEO of Apple Inc., revealed that his company went beyond its sales target in 2020. As a result, some of the executives, including himself, received big bonuses which mean higher pay for last year.
Pay increase for Apple’s chief
It was said that Apple paid out 179% of the targeted bonuses for some of the firm’s officers. For Tim Cook, as the chief executive of the company, his cash bonus reportedly increased by 40% in 2020. This figure was revealed after the tech giant filed its annual report at the Securities and Exchange Commission.
In 2019, Tim Cook’s pay package decrease by at least 36% due to weak sales of iPhones. Thus, with the surge in the following year, he definitely was able to recover, and he even earned more.
Based on Apple's filing, Tim Cook’s pay in 2020 totaled $14.8 million. This includes his bonus, $3 million salary, and shares vested. His pay package also includes $470,246 in security costs and air travel allowance worth $432,564. He is required to use Apple’s plane for his personal and business travels.
As per MarketWatch, aside from his pay increase, Tim Cook also had a total of $281.9 million in restricted stock that was granted during the year. These shares are said to be part of the CEO’s long-term incentive package that he got when he was appointed as the company’s chief in 2011.
In September last year, the board also gave him a new long-term equity plan with shares that vest from 2023 to 2025. This gives him the motivation to remain as Apple’s CEO in the said year period. Tim Cook has been with the company for almost 23 years already.
Bonuses for other executives
Apple also gave away bonuses to its top five executives. Aside from Tim Cook, they are CFO Luca Maestri (CFO), Kate Adams (general counsel), Deirdre O'Brien (retail chief), and Jeff Williams (COO).
Business Insider reported that the five of them have a total average combined pay of $119.8 million. This number increased by 13% last year as Apple gained more profits.
