Apple supremo Tim Cook's pay packet SLASHED 99% in 2012
Man, those shoes look a little big on you
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Apple boss Tim Cook took a 99 per cent pay cut in 2012 - the year his firm's maps crapp confused iPhone fanbois and rival Android dominated the mobile market.
The chief executive took home a paltry $4.17m in salary and a non-equity bonus, according to paperwork just filed with US financial regulator the SEC, down from the $378m he received in stock options and other compensation in 2011. His huge award that year was one of the biggest pay packages in history and came after Cook succeeded the late Apple co-founder and CEO Steve Jobs.
That's the reason for this year's apparent severe drop: in 2011, Apple compensated Cook with one million restricted shares that will vest over the next decade for taking the iPhone maker's throne. In 2012, his base salary actually went up half a million dollars, year on year, but there were no extra stock options.
“It pales by comparison because last year’s million-share grant was highly extraordinary,” Brian Foley, a compensation expert, told Bloomberg.
“There are other executives who remain unnamed at other companies who would be tempted to go for every last candy in the dish.”
Cook's award this year is also many times smaller than his 2010 compensation deal when he was chief operating officer. Meanwhile, for 2012, Apple's senior veep of technologies Bob Mansfield received $85.5m, and its chief financial officer Peter Oppenheimer was given $68.6m.
Both packages include stock options. The iPad maker has a market cap north of $480bn. Fanbois may recall that Jobs famously gave himself a salary of $1 at Apple but held shares worth billions.
Cook was also a runner-up in this year's Time Person of the Year award, beaten by President Barack Obama and Pakistani activist teen Malala Yousafzai. ®
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COMMENTS
Re: Shark. Jumped.
I've been reading The Register since around 2000-ish. This is indeed a "typical" today, but ten years ago, this site had a lot less blatant childish trolling and cheap link-bait. It used to have some bloody standards and even writers who could write without using childish insults.
Contrary to popular belief, some of us Apple customers are not IT-illterate newbies. I've been programming computers since the early '80s. I can code in Z80 and 680x0, developed published games in the late '80s and early '90s, (including graphics and animations), and know a number of other, higher-level, programming languages, including plenty I've mercifully managed to forget – like Forth and COBOL. I've built and maintained entire Windows-based networks, with dozens of PCs that I bought as components and assembled single-handed. I'm not some ignorant sandal-wearing cult follower. Steve Jobs may have had serious personality issues, but so did Spike Milligan and I don't think any less of his work either.
Tim Cook's stock options situation was known about at the time he took over from his predecessor, so this article is not even remotely "news". It's also perfectly normal in any other company, so why single out Apple? Do you think anyone in Google's top management tier is being paid any less? Do you think Apple is the only company that offers stock options to its company leaders?
"Fanboi", "cult of Apple", "iFans", etc. are just as childish and tiresome as the unfashionable "M$" and "Microsucks". None of these – not even "fandroid" – have any place in the bloody articles.
In the comments, fine, but not in the articles themselves. I don't want to read articles written by people who clearly belong on YouTube, writing the comments.
So, I'll ask again: is there a decent tech news site on the internet that is aimed at people with an IQ above that of a cabbage?
Shark. Jumped.
I've known this moment was coming for a some time now, but...
"Apple boss Tim Cook took a 99 per cent pay cut in 2012 - the year his firm's maps crapp confused iPhone fanbois and rival Android dominated the mobile market."
Seriously? How old is this writer? Six?
The Register used to have standards. Low standards, granted, but standards nevertheless. You used to be better than this, but the site has degenerated increasingly into tiresome link-bait trolling bullshit of no worth. My time is valuable to me and I really don't appreciate having it wasted.
Does anyone know of a decent technology news site that actually hires grown-ups who can write without insulting half their readership, instead of childish YouTube comments posters?
"Fanbois may recall that Jobs famously gave himself a salary of $1 at Apple but held shares worth billions."
So that was nothing more than a tax fiddle? Wish the rest of us could get out of paying income tax and national insurance as easily.
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