Feeds

Apple supremo Tim Cook's pay packet SLASHED 99% in 2012

Man, those shoes look a little big on you

Boost IT visibility and business value

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. ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.