In addition, their reward will depend on the course of the business to a greater extent than before. Cook’s base salary of $3 million will remain the same.
For the fiscal year ending September 2022, Cook received a total of $99.4 million in compensation, according to documents released Friday night. The bulk of it—about $83 million—made up the stock block.
Added to the base salary are $12 million in bonus payments and the roughly $1.4 million Apple spends on security measures and private jet flights as determined by its board of directors.
Compensation for the current fiscal year is now $49 million, of which $40 million will be in the form of shares. Where previously the allocation of half of the shares depended on the course of business, now it will be 75 percent. The Board of Directors emphasized that the quota will remain at least this high in the coming years. Some major shareholders have called for change in this direction.
How high the real income of the Apple boss will be depends on the share price. For last year, the Board had targeted revenue of $84 million, including $75 million in stock. But in the end, the shares were worth more.
Shortly before his death in 2011, Cook took over the management of Apple from co-founder and technology visionary Steve Jobs. He also led the company through the corona epidemic with record results. But Apple had to grapple with a problem this past Christmas: production halts in China due to corona measures have resulted in longer wait times for the key iPhone 14 Pro model.
(SDA)