Apple CEO Tim Cook's total compensation package for 2017 is $102…

29 December, 2017, 00:58 | Author: Regina Lloyd
  • Tim Cook

Apple's chief executive Tim Cook took home $102m (£76m) previous year, largely thanks to bonuses tied to the company's stock price.

Cook's total compensation for 2017 jumped to $12.8 million - a roughly 47 percent increase from past year.

"Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer's annual cash incentive at 155.5% of target", the company's filing said. The last year, 2016, was not really a good year for Apple, as the sales had gone down.

Net sales for the year to the end of September rose to $229.2 billion, beating the target of $225.2 billion and up from last year's $215.6 billion.

Apple's other top execs made out even better than their boss, each of whom was awarded $20 million in stock.

But Cook's overall compensation - not counting the value of his shares that vested this year - was the lowest among the six senior executives in fiscal year 2017.

"I couldn't be more excited about Apple's future", said Cook, during a call with analysts to discuss the company's quarterly earnings in November.




In 2014, executives including Dan Riccio, chief of hardware engineering, and former general counsel Bruce Sewell received performance awards that paid out three years later at nearly twice as many target shares as planned after Apple's stock returned 69 per cent over that span, including reinvested dividends.

Absent from Apple's filing are details about what the company paid chief design officer Jony Ive, considered by some to be its most important employee.

Most of his payment was in the form of non-equity incentive plan compensation, which is essentially a cash bonus for top executives. It also includes $440,374 in "other" compensation, according to a regulatory filing.

"As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel", Apple wrote in the filing.

And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

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