“Apple Inc. Chief Executive Officer Tim Cook received a 74 percent increase in his annual bonus for fiscal 2017 as the iPhone maker posted higher revenue and net income, after a rare decline a year earlier,” Anders Melin and Alex Webb report for Bloomberg. “Cook’s incentive pay totaled $9.33 million for the year ended Sept. 30, the Cupertino, California-based company said Wednesday in a regulatory filing. He also took home $3.06 million in salary and a previously disclosed equity award of $89.2 million, bringing his total payout for the year to about $102 million.”
“His top five lieutenants each got bonuses of $3.11 million, bringing their total compensation to about $24.2 million each, including salaries and stock awards,” Melin and Webb report. “The equity compensation is composed of shares that vest solely based on the executives’ continued employment and others tied to the performance of Apple’s stock compared with other S&P 500 companies.”
“For the first time, Cook ran up a $93,109 bill for traveling on private aircraft on non-business-related trips,” Melin and Webb report. “The Apple board stipulated this year that for security reasons the CEO should use private planes for business and personal travel, citing the risk given his high profile. Personal security costs were calculated at $224,216… Absent from Apple’s filing are details about what the company paid Chief Design Officer Jony Ive, considered by some to be its most important employee. ”
Read more in the full article here.
MacDailyNews Take: Regardless of the profits and stock performance, many will say: Too many mistakes too richly rewarded.
The recent lack of focus, timely performance, and vexing issues with quality control (that should not exist in the world’s most valuable company, 40+ years after inception) will, if continued, negatively impact the company and future executives years down the road, likely not the current set.
See all of the details in Apple’s proxy statement here.
Apple’s Phil Schiller: We feel bad about the HomePod delay – December 8, 2017
Echo Dot was Amazon’s Black Friday – Cyber Monday bestseller as Apple’s delayed HomePod waits for 2018 release date – November 28, 2017
Apple’s late, delayed, limited HomePod is looking more and more like something I don’t want – November 27, 2017
Why Apple’s HomePod is three years behind Amazon’s Echo – November 21, 2017
Under ‘operations genius’ Tim Cook, product delays and other problems are no longer unusual for Apple – November 20, 2017
Apple delays HomePod release to early 2018 – November 17, 2017
Apple CEO Tim Cook: The ‘operations genius’ who never has enough products to sell at launch – October 23, 2017
Apple reveals HomePod smart home music speaker – June 5, 2017
Apple’s desperate Mac Pro damage control message hints at a confused, divided company – April 6, 2017
Apple is misplaying the hand Steve Jobs left them – November 30, 2016
Apple delays AirPod rollout – October 26, 2016
Apple delays release of watchOS 2 due to bug – September 16, 2015
Apple delays HomeKit launch until autumn – May 14, 2015
Apple delays production of 12.9-inch ‘iPad Pro’ in face of overwhelming iPhone 6/Plus demand – October 9, 2014
Tim Cook’s mea culpa: iMac launch should have been postponed – April 24, 2013