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...
GET RECOGNIZED.
Let an ISACA® certification
elevate your career.

Register today and save
Business Briefing
DDoS Protection Powered By Verisign
Average Rating:
Rate this article:  
More Cash, But No Stock: Apple CEO Tim Cook's Pay Drops 99%

More Cash, But No Stock: Apple CEO Tim Cook's Pay Drops 99%
By Jennifer LeClaire

Share
Share on Facebook Share on Twitter Share on Linkedin Share on Google Plus

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:



Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.


 Business Briefing
1.   Google Buys Contextual Image Startup
2.   Google IPO Began Decade of Big Bets
3.   FBI Cybersquad To Add Agents
4.   Android Crushing Smartphone Rivals
5.   Pre-IPO Alibaba Has Accounting Woes


advertisement
Sprint Dumps T-Mobile Merger
Looks to the future with new chief exec.
Average Rating:
Get Up! Experts Say Move It or Lose It
Sitting deemed a dangerous activity.
Average Rating:
China Puts Microsoft Under the Lens
Official anti-monopoly probe launched.
Average Rating:
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Cost of Target Data Breach: $148 Million Plus Loss of Trust
The now infamous Target data breach is still costing the company -- and its shareholders -- plenty. In fact, the retailing giant forecast the December 2013 incident cost shareholders $148 million.
 
Aruba Networks Handles Black Hat with Aplomb
It's not an easy job. Aruba Networks' task throughout the Black Hat USA conference in Las Vegas this month was to ensure thousands of attendees could connect without malicious attacks.
 
Chinese Hackers Nab Info on Millions of U.S. Patients
A group of Chinese hackers has stolen the personal information, including names and Social Security numbers, of about 4.5 million patients at hospitals operated by Community Health Systems.
 

Enterprise Hardware Spotlight
Three New Lenovo PCs Aimed at Business Users
Businesses everywhere want computing solutions that do more for less money, and Lenovo has unveiled three new desktop PCs that offer solid computing at a budget-minded price.
 
Aruba Networks Handles Black Hat with Aplomb
It's not an easy job. Aruba Networks' task throughout the Black Hat USA conference in Las Vegas this month was to ensure thousands of attendees could connect without malicious attacks.
 
Compression, Deduplication Come to Violin Concerto 2200
Violin Memory has announced that data deduplication and compression capabilities are now available on its Concerto 2200 solution. Typically, users will experience deduplication rates between 6:1 and 10:1.
 

Mobile Technology Spotlight
Apple Stock Soars Ahead of iPhone 6 Launch
The imminent release of the iPhone 6 -- and maybe even an iWatch -- has sent Apple's stock soaring to new heights. Considering what else the firm could have up its sleeve -- the stratosphere may be the limit.
 
HTC Debuts Windows Phone Version of One M8 Smartphone
HTC is bringing the Windows Phone mobile OS to its flagship One M8 device -- the first time any mainstream flagship smartphone has been offered with a choice of operating systems.
 
Verizon Earns Top Rating in Mobile Network Comparison
A new report says Verizon Wireless was the top-performing U.S. cellphone service provider in the first half of 2014, on a nationwide and state-by-state basis, as well as in metro areas.
 

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.