Tim Cook, Apple’s chief govt officer, noticed his general pay package deal enhance by 28% for the tech big’s 2020 fiscal yr, based on a regulatory submitting.
Cook’s base wage remained at $3 million for Apple’s 2020 fiscal yr — the identical because it was in 2019 and 2018 — however his non-equity incentive plan compensation rose to $10.7 million, up from $7.7 million the yr prior. His whole compensation for the latest fiscal yr was about $14.8 million.
“In 2020, Apple’s efficiency exceeded the goal efficiency targets for each internet gross sales and working earnings, ensuing in a complete payout of 179% of the goal payout alternative for every named govt officer,” the corporate defined in the proxy submitting Tuesday.
In the course of the fiscal yr ended Sept. 26, 2020, Cook had restricted inventory items price $281.9 million that vested. He additionally held 3.92 million inventory items, price about $440 million as of Sept. 25, scheduled to vest on Aug. 24, 2021.
Apple additionally famous that, for the primary time since Cook was promoted to the CEO position in 2011, his 2021 compensation features a long-term fairness award. Final September, the exec was granted a minimal of 333,987 restricted inventory items and will obtain as much as 1 million RSUs relying on firm efficiency, set to vest via 2025.
“Tim has introduced unparalleled innovation and focus to his position as CEO and demonstrated what it means to steer with values and integrity. For the primary time in practically a decade, we’re awarding Tim a brand new inventory grant that may vest over time in recognition of his excellent management and with nice optimism for Apple’s future as he carries these efforts ahead,” Apple’s board of administrators stated in a press release.
In fiscal 2020, Apple’s median worker compensation was $57,783, which means the ratio of Cook’s whole pay to median worker was 256 to 1.
Apple’s proxy submitting additionally stated that starting in 2021, an “environmental, social, and governance modifier primarily based on Apple Values and different key neighborhood initiatives” can be integrated into the corporate’s annual money incentive program. That’s supposed to “additional encourage Apple’s govt group to fulfill exceptionally excessive requirements of values-driven management in addition to delivering sturdy monetary outcomes,” the corporate stated.
In figuring out exec compensation for fiscal 2020, Apple stated that it added Netflix to the first peer group (which includes corporations together with Disney, Comcast, Amazon and Alphabet), whereas it eliminated twentieth Century Fox and Time Warner as a consequence of acquisitions.
Amongst different compensation, Cook’s pay package deal for fiscal 2020 included a trip cash-out in the quantity of $115,385, private air journey bills in the quantity of $432,564, and safety bills in the quantity of $470,246, which represents “the incremental price to Apple for private safety providers supplied to Mr. Cook as decided by allocating each direct prices and a share of fastened prices incurred by Apple and used to offer such private safety providers.”