What was Tim Cook worth to Apple in 2014? $9 MILLION, apparently
CEO handed bulging package after 'extraordinary' year
Apple more than doubled chief exec Tim Cook's remuneration for 2014, handing him a bulging package worth $9.22m – including his $1.75m (£1.25m) base salary and a $6.7m (£4.5m) bonus.
The compensation reflects the company's "extraordinary year in 2014", it said in its annual report (PDF).
Sales at Apple rose seven per cent by $11.9bn (£7.9bn) to $182.8bn (£121.5bn), with operating income rising seven per cent by $3.5bn (£2.3bn) to $52.5bn (£35bn) compared to 2013, it said.
In February, the firm decided to increase Cook’ s maximum base salary from $1.4m (£930k) to $2m (£1.3m) and the base salaries of the other executive officers from $875,000 (£584k) to $1m (£677k).
The executive team's bonuses were also increased to a maximum of 400 per cent of the executives' salaries.
Cook's total cash package in 2013 was $4.25m (£2.8m).
"The company believes the compensation program for the named executive officers has been instrumental in helping the Company achieve its strong financial performance," Apple said in a statement.
It further gloated: "The company generated revenue that was greater than the revenue generated by any company in its peer groups." ®
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