Newsletters
Business News for Technology Decision-Makers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
This ad will display for the next 20 seconds. Click for more information, or
Home Business Briefing Mobile Industry News Small Business Business Intelligence More Topics...
Mobile Industry News
Tame your scariest paperwork. Find Out How
Average Rating:
Rate this article:  
More Cash, But No Stock: Apple CEO Tim Cook
More Cash, But No Stock: Apple CEO Tim Cook's Pay Drops 99%

By Jennifer LeClaire
December 27, 2012 11:08AM

Bookmark and Share
Tim Cook has been Apple's chief executive since August 2011, succeeding Steve Jobs. Cook had been the COO since October 2005. Cook joined Apple in March 1998. Apple shares have dipped 27 percent from their September 2012 record. Apple is under heavy pressure from competitors like Google and Samsung.
 



What if your boss cut your compensation by 99 percent? Apple CEO Tim Cook's pay took a 99 percent dive this year. Last year, he was the highest-paid CEO in the tech industry. What a difference a year makes.

Cook's 2012 compensation totaled $4.17 million, and he gets no stock awards. The compensation package includes $1.36 million salary and a $2.8 million incentive plan, according to an SEC filing. Cook's base salary in 2011 was $900,000, so technically he did get a raise.

So what's behind the numbers? Cook's total compensation was $378 million in 2011, inflated by $376.2 million worth of stock awards Cook received, to be disbursed over the next 10 years.

More Cash, But No Stock

"In deciding to increase the cash compensation for Mr. Cook, the Compensation Committee considered the company's financial results, Mr. Cook's responsibilities as CEO, and his total cash compensation opportunities as compared to the total cash compensation opportunities of the other named executive officers as well as the total cash compensation opportunities of CEOs at peer companies," Apple said in its proxy statement.

Apple admitted that "Cook's target cash compensation remains significantly below the median for CEOs of peer companies" despite the fact that the company "exceeded the maximum performance goals for both net sales and operating income set by the Compensation Committee for 2012."

Again, Cook's 2012 compensation totaled $4.17 million. That compares to $77.6 million for Oracle CEO Larry Ellison and $1.38 million for Microsoft CEO Steve Ballmer in 2011. Meanwhile, Amazon CEO Jeff Bezos posted a 2011 salary of $81,840, with no stock awards. Bezos is the lowest-paid CEO among major tech companies.

Maps Miscue

Cook has been Apple's chief executive since August 2011, succeeding Steve Jobs. Cook had been the COO since October 2005. Cook joined Apple in March 1998. Apple shares have dipped 27 percent from their September 2012 record. Apple is under heavy pressure from competitors like Google and Samsung.

Apple suffered a few missteps over the year, most notably the rollout of iOS6 with a seriously flawed Apple Maps app to replace the native Google Maps app that had been part of iOS since its inception.

Cook took the virtually unprecedented step of publicly apologizing for the Maps app's flaws, and in its wake booted two key Apple executives, first mobile operating system chief Scott Forstall, who had been considered by some to be Jobs' protege, then Maps chief Richard Williamson.
 

Tell Us What You Think
Comment:

Name:



APC has an established a reputation for solid products that virtually pay for themselves upon installation. Who has time to spend worrying about system downtime? APC makes it easy for you to focus on business growth instead of business downtime with reliable data center systems and IT solutions. Learn more here.


 Mobile Industry News
1.   FTC Wants Fix for Mobile Cramming
2.   T-Mobile Calls 'BS' on AT&T Promo
3.   Researchers Tout Battery Breakthrough
4.   Samsung Postpones Tizen Phone
5.   Verizon Throttling Data Speeds


advertisement
FTC Wants Fix for Mobile Cramming
Overcharges are 'the perfect scam'.
Average Rating:
U.S. Firms Fish for Growth Overseas
Tech trendsetters are going abroad.
Average Rating:
Competition Spurs Ultra-Fast Internet
Gigabit broadband push is underway.
Average Rating:
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Canadian Government Charges China With Cyberattack
The government of Canada is not happy with China. Canadian officials have accused "a highly sophisticated Chinese state-sponsored actor" of launching a cyberattack on its National Research Council.
 
Researchers Working To Fix Tor Security Exploit
Developers for the Tor privacy browser are scrambling to fix a bug revealed Monday that researchers say could allow hackers, or government surveillance agencies, to track users online.
 
Wall Street Journal Hacked Again
Hacked again. That’s the story at the Wall Street Journal this week as the newspaper reports that the computer systems housing some of its news graphics were breached. Customers not affected -- yet.
 

Enterprise Hardware Spotlight
Apple Updates MacBook Pros, Cuts Prices Up to $100
The popular MacBook Pro laptop line just got an update and a price cut of as much as $100. The MacBook Pro with Retina display now includes faster processors and double the memory.
 
Watson Gets His First Customer Service Gig
Since appearing on Jeopardy, IBM's Watson supercomputer has been making a living using his super-intelligent knowledge base for business verticals. Now, Watson's been hired for his first customer service job.
 
Tablet Giants Apple and Samsung Feel the Heat
When a company saturates its home market with a once-hot product, expect it to pump up efforts elsewhere. Apple, for its part, is now pushing iPads to big corporations and the enterprise market.
 

Mobile Technology Spotlight
Android 'Fake ID' Puts Millions of Users at Risk
Having this fake ID is nothing to brag about, even if you are a minor. The “Fake ID” Android flaw drops malware into smartphone apps. It can steal credit card data and even take over your device.
 
FTC Wants Fix for 'Perfect Scam' of Mobile Cramming
The U.S. Federal Trade Commission has issued new guidelines to curb “mobile cramming,” a troublesome practice that adds unauthorized third-party charges to mobile phone bills.
 
Facebook: You Will Use Messenger, and You Will Like It
Starting this week, Facebook users with Android and iOS phones will be forced to use the separate Messenger app to send Facebook messages. Pending messages will still be visible in the main app.
 

Navigation
NewsFactor Business
Home/Top News | Business Briefing | Mobile Industry News | Small Business | Business Intelligence | Innovation | E-Commerce | Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.