“Apple Inc CEO Tim Cook earned roughly the same in 2013 as in 2012, but lost part of his performance-based stock award during a year in which intense competition and margin pressure bludgeoned the iPhone maker’s stock,” Edwin Chan reports for Reuters.
“Cook took home $4.25 million, including a base salary of $1.4 million and a performance bonus of $2.8 million, roughly on par with 2012, the company said in a preliminary proxy statement on Friday,” Chan reports. “But he gave up about 7,100 shares tied to an annual performance-dependent award, based on shareholder returns from August 24 of 2012 to August 25, 2013. Apple’s stock lost a quarter of its value over that one-year period.”
Full article here.
[Thanks to MacDailyNews Readers “Fred Mertz” and “chris renaldi” for the heads up.]
He deserves every penny.
It is an indictment to our societies that we are so obsessed with how much individuals engaged in industry are earning. These individuals run companies that create products from essentially nothing but ideas and bring them to market thus creating jobs and revenue not just for themselves and their employees but the country as well.
Meanwhile, the spiv’s that we have elected to run our countries do not create anything, manufacture nothing and contribute nothing to our countries economies apart from paying themselves handsomely for jobs anybody can do and then accept money from industries that cannot be bothered to innovate anymore, so seek to protect their cash cows by preventing competition through legislation.
Where am I leading to by this comment? If the hacks who are so keen to publish people like Mr. Cook and Mr. Ballmer’s wages, then they should be just as keen to publish which companies are paying which politicians through which lobbies. Then just for fairness sake, they too should publish their own salaries and the advertisers and which articles they publish are advertisement supported.
A persons wages should be covered under privacy law if their wages are earned by the industry of their work.
Some of us would settle for full disclosure on the part of journalists as to their investments and industry favours such as dinners and travel expenses, cash payoffs, and any other perquisites relevant to their reportage. Only with such regulation can bias be minimised, and bias should have no place in journalism.
Once there was an honour system, but that appears to have gone by the board. We need honest reporting in order to make informed decisions. As it now stands, we are being hornswoggled by the minute.
hannajs, you get 5 stars for educating me about a word I was not aware about! hornswoggled!!
Being horny will never be the same again!!!
And with that comment, I absquatulate to your superior command of the English language. 🙂
Nobody really much cared in the 50’s-80’s when high powered CEOs were averaging 20-30x the average wage in compensation. Now that the figure is 300-400X, and the taxes on that end up being 15-20% instead of 30-40%, while the middle class, whose sons and daughters fight wars to make ithis country possible struggles … You bet your ass we should worry what these guys make.
The average salary for Apple employees is around 40k. Tim Cooks base salary is 1.2M. This is 30x the average. Include Tim’s bonus and his compensation is 100x the average. Of course there are stocks which is where the real money is and at least Tim’s are performance based. Losing 7,100 shares means he lost almost 4M based on today’s stock value. With time this figure could be much larger. Anyone that thinks Tim is overpaid needs to look at other companies profit to total CEO compensation.
So if all corporations do it, that makes is applaudable that Apple also overpays its executives?
Cook’s salary — like Jobs before him — is but a tiny fraction of the total compensation he takes. The difference is that Jobs built Apple from the ground up, twice. Cook is just a manager doing what any competent manager can do. A true “supply chain genius” wouldn’t have screwed up so many product introductions, and a true leader would inspire both his customers and prospective investors with clear, actionable, helpful communication. Fail on both counts. Cook gets a “B-” grade at best, and like any executive, he’s worth no more than 20 times the total compensation of the lowest paid employee of his global organization.
He deserves every penny and a bonus too.
Tim Cook deserved every penny he earned, he does a better job then Monkey Boy Ballmer ever did and politely rebuffed Icahns bulkshit advice on stock buy backs
I’d like to see someone put forth a proposal for the upcoming shareholders meeting that those 7100 shares be reinstated.
Also that Carl Icahn be permanently muzzled.
hey tim can you loan me $5
Correct me if I’m wrong, but wasn’t Steve’s salary at Apple $1 a year (not including bonus/shares/private jet)?!
Not that Tim isn’t doing a worthy job; I’m just sayin!
In true form, Apple management is being judged by the media based on half-truths and rumor. MacDailyNews is a stock analyst in sheep’s clothing.