Tim Cook dinner earned greater than $15 million in compensation in 2018.
Apple’s CEO obtained a hefty increase in 2018.
Tim Cook dinner obtained a complete of $15.6 million in wage, incentive pay and different compensation final 12 months, in response to a Securities and Change Fee submitting Tuesday. The compensation represented a rise of almost 22 % over 2017.
Cook dinner earned a wage of $three million and $12 million in money incentives primarily based on Apple hitting pre-determined targets. Different compensation included 401(okay) contributions, life insurance coverage funds and a trip time buyout of $57,692. He additionally obtained $294,082 in private journey bills.
The submitting comes per week after Apple warned traders that its fiscal first-quarter income could be weaker than beforehand anticipated. The announcement that the iPhone maker now sees gross sales of $84 billion, nicely under the vary of $89 billion to $94 billion it had forecast in November, despatched firm shares down almost 10 %.
Apple additionally mentioned the entire 2018 compensation for its median worker was $55,426, noting that Cook dinner made 283 occasions this quantity. The corporate’s workforce contains workers at its retail places.
Different key Apple executives had been additionally nicely compensated, thanks largely to inventory grants. COO Jeff Williams, CFO Luca Maestri, basic counsel Kate Adams, and retail chief Angela Ahrendts all had complete compensation packages that exceeded $26 million with the addition of inventory awards of greater than $21 million every.
“We consider the compensation paid to our named government officers for 2018 appropriately displays and rewards their contribution to our efficiency,” Apple mentioned within the submitting.
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