“For Apple CEO Tim Cook, fiscal year 2017 brought good tidings in the form of a hefty 47 percent pay increase,” Seung Lee reports for The Mercury News. “Apple’s CEO since 2011 saw his salary rise to about $12.8 million in fiscal year 2017, which ended in September, from about $8.7 million in the prior fiscal year, according to a SEC filing from Apple on Wednesday. Cook’s real wealth, however, comes from his stock options. He owns 560,000 shares awarded to him in 2011 that vested in fiscal 2017, valued at $89.2 million. Apple’s CEO also has about 2.9 million more unvested shares, worth more than $450 million, according to the SEC filing.”
“Cook’s pay increase in the company’s 2017 fiscal year came mostly from cash bonuses, adding about $9.3 million to Cook’s roughly $3 million annual salary. Cook’s cash bonus was the largest among the six senior Apple executives,” Lee reports. “But Cook’s overall compensation — not counting the value of his shares that vested this year — was the lowest among the six senior executives in fiscal year 2017. The other five executives each earned more than $24 million.”
Lee reports, “Senior Retail Vice President Angela Ahrendts eked out the highest paid honor by less than $100,000 due to additional compensation to help Ahrendts — the former Burberry CEO — move ‘closer to Apple’s headquarters,’ according to the SEC filing.”
Read more in the full article here.
MacDailyNews Take: Having Ahrendts, with a highly successful CEO-ship on her resume, available to step in for Cook at a moment’s notice should some unforeseen tragedy happen is invaluable.
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