“Don’t be fooled by Tim Cook’s 2016 reported pay of $8.75 million, which ranked the Apple Inc. chief executive officer in the bottom third of all CEOs in the S&P 500,” Laurie Meisler, Alicia Ritcey, and Jenn Zhao report for Bloomberg. “Cook, 56, actually took home $145 million, almost all of it from awards granted back in 2011.”
“Take-home pay for the top 25 S&P 500 CEOs who served in their positions for the last full fiscal year totaled about $1.65 billion,” Meisler, Ritcey, and Zhao report. “Bosses in the technology, health care and media industries dominated the list.”
“Take-home pay is the sum of the values of stock vested and options exercised during the fiscal year, along with cash from salaries, bonuses and perks,” Meisler, Ritcey, and Zhao report. “Cook has now amassed more than $320 million from vested shares of the 2011 award. His $145 million total take-home pay for fiscal 2016 also includes a $3 million salary, a $5.37 million cash bonus and $377,719 in perks. In a 2015 interview with Fortune magazine, Cook said he plans to donate his fortune to philanthropy.”
Read more in the full article here.
MacDailyNews Take: As we wrote back in January 2012:
Tim Cook’s stock award was put in place to help insure that he stays for at least 10 years. It’s also an impetus for Cook to keep delivering, so that when his stock vests, his shares are worth as much as possible… Beyond Cook’s obvious skills, this insurance policy is worth much more than $376 million to Apple in terms of continuity and having a smooth CEO succession.
Today, the interns came up to us and asked if they should TTK which just goes to show that, yes, even interns can learn something! We kid. We love the interns. And, what’s not to love? They bring us coffee, snacks, and beer!
[Thanks to MacDailyNews Readers “Fred Mertz” and “botvinnik” for the heads up.]