Apple Inc. stated that it exceeded its internal financial targets in the last fiscal year, resulting in the company paying 179% of the targeted bonuses for the appointed officers.
For CEO Tim Cook, that meant his cash bonus rose 40 percent last year to $ 10.7 million, Apple said Tuesday in its annual filing of proxies with the Securities and Exchange Commission. His bonus was a 36% success in 2019, when his salary package fell as revenues and profits fell due to weaker iPhone sales.
Last fiscal year, despite a global pandemic that disrupted economies around the world, Apple’s profit rose 3.9%, with sales of laptops and iPads benefiting from workers and students stuck at home as part of efforts to slow the spread Covid-19. Apple’s share price increased by more than 80% in 2020, placing its market value at over 2 trillion dollars.
In addition to his compensation, Mr. Cook had a total of $ 281.9 million in restricted stock that was invested during the year. Those actions were an essential part of Mr Cook’s long-term incentive package, which was granted in 2011 when he became CEO. The last tranche of the decadelong plan is announced at the end of this year.
In September, Apple’s board of directors granted Mr. Cook a new long-term action plan, with shares to be invested from 2023 to 2025, giving him an incentive to remain CEO at the time. Mr Cook, 60, joined Apple in 1998.
Apple also said Tuesday that the newspaper’s former editor and editor, Monica Lozano, was elected to the company’s board of directors, adding a prominent Hispanic business leader to the existing group of eight executives. Ms. Lozano is currently CEO of the College Futures Foundation and previously ran the Spanish-language newspaper La Opinión and later ran the parent company, ImpreMedia.
According to Apple’s proxy filing, Mr. Cook’s payment for 2020, excluding shares, totaled $ 14.8 million, including the cash bonus and a $ 3 million salary that did not change from the previous year. The package included $ 470,246 in security costs and $ 432,564 for air travel. The company requires Mr. Cook to use private jets for all business and personal travel.
Write to Tim Higgins at [email protected]