“Five of the ten best-paid finance chiefs last year work in the technology industry, as executives at companies from Apple Inc. to Google Inc. were rewarded for increasing profit, amassing cash and minimizing taxes,” Adam Satariano and Brian Womack report for Bloomberg News.
“Apple Chief Financial Officer Peter Oppenheimer earned the most in fiscal 2012 — a $68.6 million package that dwarfed the $4.17 million awarded to Chief Executive Officer Tim Cook, according to data compiled by Bloomberg,” Satariano and Womack report. “Oracle Corp. CFO Safra Catz was second at $51.7 million, making her the highest-paid female leader, while Patrick Pichette at Google was No. 3, with $38.7 million… Oppenheimer’s pay was made up almost entirely of stock grants issued to retain top lieutenants after co-founder Steve Jobs died.”
MacDailyNews Take: For reference, and to compare two things that are the same versus the magic trick Satariano and Womack have tried to perform above:
2012 Revenue:
Apple: $156.53 billion
Google: $50.2 billion2012 Net Income:
Apple: $41.7 billion
Google: $10.7 billion
“Apple’s effective tax rate was 25.2 percent in fiscal 2012. The company finished fiscal 2012 with $121.3 billion in cash and long-term investments, including $83 billion outside the U.S.,” Satariano and Womack report. “Steve Dowling, a spokesman for Apple, said the company paid $6 billion in federal income taxes last year, for one of the biggest — if not the highest — corporate-tax payments.”
Read more in the full article here.
MacDailyNews Take: Worth every penny and then some.
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With crazy bonuses like that I give Apple two months left max.
Signed – Wall Street Idiot
Apple – a lesson on how to destroy a corporation in 5 easy steps.
The horses running Apple are no longer interested in giving the customer a flawless experience but rather in gorging themselves on the trough of ever more bonuses and payouts via stock manipulation.
Instead of breeding racehorses, Cook & Co. are breeding horses that are ready for the knackers yard.
I never agree with counting incentive-based pay, such as stock options, as part of the base package. Yes, they’re worth a lot of money, but their worth is inherently volatile (as it depends on the stock price).
Base Salary is what I focus on. In my opinion, executives should have a base salary of no more than a few million dollars, and then heaps of performance and incentive based pay stacked on top of that.
So there are no qualified people who will do the job just as well for a mere $10 million in annual compensation?
American corporations — which as we all know are not meritocracies or democratic organizations — are so fast to outsource manpower to near-slave-wage countries. But this is only so that the corporate executives can line their pockets, while taking no personal risks whatsoever. It is modern feudalism, and it must be reformed. NOBODY in an executive office has ever _earned_ tens of millions each year. They take it from the thousands of dedicated employees who invent, refine, test, analyze, manage, and build the products — which is true wealth creation.