Apple CEO Tim Cook’s 2012 compensation of $4.2 million lead to the 99% cut on paper for, if compared it with last year package when he was on top rank with highest stock of Apple.
In 2011, the top executive of the most valuable U.S. Corp. got 1 million shares by the Apple’s board with package of 378 million dollars in long-term stock awards when he took over as chief executive from Apple co-founder Steve Jobs in 2011.
Cook whom the media tagged with highest paid US CEO in 2011, no doubt just on paper, has taken this year the biggest cut in pay.
This time Apple has stock worth $510 million, but its board saw no need to give Cook additional shares after long term awards with option to cash out at intervals over next upcoming years as vest half in 2016 and the other half in 2021.
The maker of the iPhone and iPad said that a drop of roughly 99 percent is mainly due to Cook’s annual compensation below peer companies’ CEOs annual compensation level. And he will not receive any Apple stock awards in 2012.
Reports are that although Cooks’ annual compensation fell this year, but Apple board raised his salary to 1.36 million dollars from the package he got in 2011, a nonequity bonus of $2.8 million and $17,000 in contributed his 401(k) account and life insurance premiums.
