Breaking News Emails
Apple CEO Tim Cook got a hefty cash bonus that brought his total compensation to $9.2 million last year. That's more than double what he received the previous year, as the company enjoyed a surge in sales and profit fueled by the popularity of its new iPhone 6 models. Cook's pay for fiscal 2014 included $1.7 million in salary and $6.7 million in incentive pay that was awarded by Apple's board after he beat the performance goals that directors had set for him, according to a regulatory filing Thursday. He also received $774,176 in other compensation, including a 401k contribution, company-paid insurance premiums and security expenses.
Cook and the company's other top officers were awarded the maximum bonus possible under Apple's incentive plan, after the company's annual revenue and operating profit each exceeded the plan's maximum goals by 7 percent, the filing said.
Despite his bonus, Apple's CEO collected less than the company's four other top officers, all of whom garnered sizable stock awards. The highest paid was Senior Vice President Angela Ahrendts, the former CEO at luxury goods maker Burberry who was hired in May to run Apple's retail operations. Her $73 million pay package included a hiring bonus of $33 million in restricted Apple stock grants and another $37 million in restricted stock grants that Apple said were intended to compensate for Burberry stock that she forfeited on leaving her old job.
While Cook's total pay has increased for the last two years, it still pales against the $378 million in cash and stock grants he was awarded when he took the CEO job in 2011.
- Will Tim Cook Pave the Way for Other Gay CEOs?
- Apple Pays Tribute to Martin Luther King Jr. on its Homepage