Feeds

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

Man, those shoes look a little big on you

Designing a Defense for Mobile Applications

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. ®

The smart choice: opportunity from uncertainty

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
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.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.