Fri, 02 Jun 2023

Apple CEO Tim Cook paid nearly $100 million in 2021

Robert Besser
11 Jan 2022, 13:42 GMT+10

CUPERTINO, California: According to regulatory filings with the U.S. Securities and Exchange Commission (SEC), Tim Cook, Apple's chief executive, was paid nearly $100 million in 2021, a 570 percent increase from the previous year.

After taking over as chief executive from Apple founder Steve Jobs in 2011, Cook, 61, also gained access to share awards worth about $750 million, as the company's market value approached $3 trillion.

Cook's total compensation for the year to September 2021 was $98.7 million, up from $14.7 million the previous year, the filings showed.

The company said Cook's salary was 1,447 times the median salary of an average Apple employee at $68,254.

His pay in 2021 was also boosted by a $82.3 million stock award bonus related to Apple's soaring share price.

In addition to his base salary of $3 million, he also collected bonuses worth $12 million for meeting the company's financial and environmental sustainability targets.

The filings show Apple spent more than $700,000 on private flights for Cook, after it decided that his flying on scheduled commercial flights entailed too much of a security risk.

It also paid hundreds of thousands of dollars for personal security, pension contributions, life insurance and buying back unused holiday time.

In the filing, Apple said, "It has been a remarkable decade for Apple, and in 2021 Cook was granted an equity award for the first time since he was promoted to CEO in August 2011."

According to the Bloomberg Billionaires Index, Cook has a personal fortune of more than $1 billion.

In 2015, Cook told Fortune magazine that he planned to donate his entire wealth to charity, after providing for his then 10-year-old nephew's education.

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