Technology

Apple chief Tim Cook made €112m in 2019 fiscal year

Figure less than the year before due in part to a lower bonus after failure to beat targets

Apple CEO Tim Cook got $125 million in remuneration last year, a figure that was down $11 million on the previous year.

Mon Jan 6 2020 - 09:11

Apple chief executive Tim Cook made $125 million (€112 million) in the company's 2019 fiscal year, less than the year before, due in part to a lower bonus.

Mr Cook got a $3 million salary, a $7.7 million bonus and $884,466 in perks and other compensation in the latest period, the technology giant said in a filing. He also had $113.5 million worth of Apple stock vest.

That $125 million in total compensation was down from the $136 million Mr Cook made a year earlier. In that 2018 fiscal year, he got a $12 million bonus, his largest to date. The bonus shrank in the latest period because Apple didn’t beat its sales and operating income targets by as big a margin as in the previous year.

Mr Cook holds unvested Apple shares worth almost $400 million, according to Apple's filing. The Apple boss has amassed the majority of his stock through a 2011 equity award when he took over as CEO from co-founder Steve Jobs.

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Bonuses fall

Other Apple executives, including chief operating officer Jeff Williams, chief financial officer Luca Maestri and general counsel Kate Adams also saw their total compensation decline. All three executives saw their bonuses fall from $4 million to $2.6 million.

Apple spent $457,083 on Mr Cook’s security in 2019, another $315,311 on personal air travel expenses, the company said in its filing.

Mr Cook donated $2 million worth of Apple shares to an undisclosed charity last week and has said he plans to eventually donate the majority of his fortune before he dies. – Bloomberg

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