Tim Cook, the Apple boss, was compensated shut to $100m (£74m) final yr, a large increase on the past 12 months, as the Apple iphone maker rocketed towards a $3 trillion valuation.
His total shell out for the 12 months to September 25 was $98.7m, up from $14.7m, the Silicon Valley big discovered in a US submitting.
The rise was mostly down to an $82m share award Mr Prepare dinner gained beneath a shake-up of his pay out plan.
Apple explained the sum was a reflection of the company’s results less than his leadership: “The volume recognises his exceptional management and is commensurate with the measurement, general performance, and profitability Apple has attained in the course of his tenure.”
Mr Prepare dinner celebrated a ten years managing Apple very last year and the business altered how he was paid after the expiry of a 10-year package awarded when he succeeded Steve Careers.
The vast majority of Mr Cook’s payment in excess of the past decade has been less than his 2011 pay bundle, which involved him receiving tranches of shares about the class of the subsequent decade.
He lately cashed in these shares for $750m, a sum inflated by Apple’s remarkable share price tag rise less than his management.
His $98.7m pay back bundle very last yr, by contrast, coated 2021 on your own. He was paid a $3m income and the relaxation in cash incentives and positive aspects. The corporation expended $712,488 on non-public flights, getting deemed it a safety possibility for him to fly commercially in 2017.
Apple’s shares rose by 1,174laptop around Mr Cook’s 1st 10 years in cost, when compared to 363computer for the S&P 500.
The inventory has since risen even further more and, before this 7 days, Apple grew to become the initial corporation to cross a $3 trillion market place capitalisation.
Speculation about Apple’s succession planning has intensified as Mr Prepare dinner, 61, achieved 10 yrs in demand.
He reported previous yr that he did not think about functioning the business for a further ten years, but that there was not a date in sight for his departure.
His most probably successor is imagined to be Apple’s chief working officer Jeff Williams, who occupies the purpose Mr Cook crammed beneath Mr Careers.
Apple said Mr Cook’s spend was 1,447 instances that of the median Apple personnel, compensated $68,254. Most of its workforce are in its retail shops.