Technological News Portal

Tim Cook’s Yearly Salary Drops By 99% Over Lack Of Stock Awards

Last year, it was reported that Apple’s CEO, Tim Cook made a whopping $378 million over the year. This made him the highest-paid CEO in the U.S. However, it seems that he will be taking home a tiny fraction of that sum this year. His yearly earning for the year 2012 is estimated to be a mere $4.17 million.


Tim Cook

Mr. Cook’s basic salary is not as extra-ordinary as we’d expect for someone at his position. He has a base salary of $1.36 million whereas the incentive plan compensation brings him another $2.8 million. In all, his formal salary amounts up to $4.7 million a year.

During 2011, Cook was able to earn tens of times more than his base salary simply because he received a one-time stock award worth $376.2 million. However, even the stock award comes with the condition that to redeem it, Cook must stay at Apple for a decade.

This year, since he didn’t bag any other stock awards, the financials show that all he has earned around the year is the actual salary and nothing more. However, even his salary has been significantly bumped year over year. Last year, his overall salary was $1.8 million.

So in contrast, even when he is taking home only $4.7 million this year, the amount is immediately redeemable and thus, not bad compared to last year’s salary. It still makes him one of the highest-paid CEOs in the U.S.

Courtesy: Apple Insider

[ttjad keyword=”android-phone”]

You might also like
Why Not Join 250,000+ Readers, Like You!
AND GET OUR LATEST CONTENT IN YOUR INBOX

SUBSCRIBE 
Your information will never be shared
close-link