Another year, another huge bite of the apple for Tim Cook.
The Apple CEO saw his 2020 compensation rise dramatically from a year earlier, pulling in $14.8 million, up 28% from fiscal year 2019, according to the company’s regulatory filing Tuesday.
“In 2020, Apple’s performance exceeded the target performance goals for both net sales and operating income, resulting in a total payout of 179% of the target payout opportunity for each named executive officer,” the company said in the filing report.
The key money driver? Believing and holding stock in Apple.
Cook’s salary stayed at $3 million, but—talk about incentives and perks—additional earnings included $10.7 million in non-equity compensation. That’s up from his $7.7 million bonus and $884,466 in perks and other compensation for 2019.
And while we’re looking at crazy money, the Cupertino, Calif.-based tech leader disclosed Cook’s stock details: How about an additional $281.9 million becoming vested, up from $113.5 million worth of company stock vest in 2019?
Cook also held 3.92 million stock units, worth about $440 million as of Sept. 25, 2020, scheduled to vest on Aug. 24, 2021. Cook acquired the bulk of his stock in 2011 when he took the CEO reins from co-founder Steve Jobs. Last September, he was granted a minimum of 333,987 restricted stock units.
The rewards for the CEO version of an annual review included this from Apple’s board of directors: “Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity. For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he carries these efforts forward.”
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.