Apple CEO Tim Cook’s pay rose by a massive 28% in the company’s fiscal 2020, a regulatory filing reveals.
Cook took home the same $3 million basic salary he earned in 2018 and 2019. However, his non-equity incentive plan compensation increased from $7.7 million last year to $10.7 million. That brought his earnings for the year to $14.8 million — on the back of a spectacular year for Apple.
This wasn’t Cook’s only cash influx for the year, however. He also had restricted stock units worth $281.9 million that vested during the year. Another 3.92 million stock units are due to vest this August, which will mark a decade since he took over as CEO. These are currently worth $440 million. (Incidentally, this was the year in which Cook officially became a billionaire.)
“Tim has brought unparalleled innovation and focus to his role as CEO and demonstrated what it means to lead with values and integrity,” Apple’s board of directors said in a statement. “For the first time in nearly a decade, we are awarding Tim a new stock grant that will vest over time in recognition of his outstanding leadership and with great optimism for Apple’s future as he carries these efforts forward.”
There were a few other Cook-related tidbits in the filing that are interesting. His personal air travel expenses amounted to $432,564. Meanwhile, Apple spent $470,246 for “the incremental cost to Apple for personal security services provided to Mr. Cook as determined by allocating both direct costs and a percentage of fixed costs incurred by Apple and used to provide such personal security services.”
Source: SEC.gov
Via: Variety
