“Consumer electronics giant Apple today filed documents with the SEC in preparation for its annual shareholder meeting, which will be held at the company’s HQ on Wednesday, February 27, 2013,” Robin Wauters reports for TNW.
“According to the filing, Apple CEO Tim Cook’s compensation totaled a mere $4,174,992,” Wauters reports. “It’s also worth noting that Cook’s base salary was actually increased from $900,000 last year to $1,400,000 in 2012. But, as Apple itself puts it: ‘Mr. Cook’s target cash compensation remains significantly below the median for CEOs of peer companies.'”
Wauters reports, “The base salaries for other senior Apple executives – CFO Peter Oppenheimer, SVP of Technologies Bob Mansfield, SVP and General Counsel Bruce Sewell and SVP of Operations Jeffrey Williams were increased to $800,000. Furthermore, this will increase to a base salary of $875,000 in 2013.”
Read more in the full article here.
MacDailyNews Take: Worth every penny and then some!
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Unlike many CEO’s he’s worth every penny.
None of them need to worry about where their next meal is coming from. All of them still make more then 75% of what the average person makes in this country. I’m not hating on them and this is what the market will bare.
CEO’s make so much money, the ones that operate businesses that barely make a profit, can make more than Tim does, Tim is one of a handful in the US that actually earn their money in my opinion.
If a barely skilled laborer in an auto plant can make $70 to $80 an hour (including benefits) why wouldn’t CEOs have exceedingly absurd wages as well?
Because in most civilized countries, CEO’s earn about 15 times as much as their workers. In this country, they earn 300 times as much. No country on earth has been as ravaged by corporate greed as the good old U.S. of A.
In agreement that every penny paid to Tim Cook is worth it, and unlike other CEO,s, Tim is an operations man who knows how the supply chain works, many of his peers are clueless about such operations matter in their company, they just delegate things
Considering the CEO of the company I work for gets over 5,000,000 and over the last 3 years he has hacked away at his employees salaries (no raise 3 years, lost pensions last year, loosing RRSP partial match at end of this year) he is under paid by a wide margin.
Oh and it’s not that we are doing bad, last year we had our best year ever in the plant I work in.
$4.175 million is a pittance compared to what some big whigs make for stealing the country blind and contributing absolutely nothing to the public good. Apple should double Tim Cook’s yearly compensation on general principles alone.
Disagree. While Tim Cook is definitely earning his keep and then some, the proper corrective action is to slash CEO compensation, or tax the hell out of it, and only reward good performance and gains for the workers. If you can’t run a company so everyone shares in its success, you should go do something else, and a CEO who is paid 300 -400 times as much as his average worker quickly loses sight of everything except justifying his own paycheck. Bad for America and bad for the shareholders.
Reward performance? Tim cook has been awarded about 100mm shares in Apple stock . That’s his compensation. And it makes the 4milliom quoted look like a sad joke.