Apple Inc. he said it exceeded its internal financial targets last year, prompting the company to pay 179% of the specific bonuses for designated 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 at Securities and Security Exchange Commission. His bonus had been 36% successful in 2019 when his pay package fell as revenue and profits declined due to weaker iPhone sales.
Last fiscal year, despite a global pandemic that shook economies around the world, Apple’s profits rose 3.9% as laptop and iPad sales benefited workers and students trapped at home as part of efforts to curb the spread of Covid-19. Apple’s share price rose more than 80% in 2020, placing its market value at more than $ 2 trillion.
In addition to his compensation, Mr. Cook had a total of $ 281.9 million in restricted shares they acquired during the year. These actions were a key part of Mr. Cook’s long-term incentive package, which was awarded in 2011 when he became CEO. The final stretch of the decadelong plan is being dressed later this year.
In September, Apple’s board of directors awarded a new long-term equity plan to Mr. Cook with shares that were acquired from 2023 to 2025, which encouraged him to remain as CEO during that period. . Cook, 60, joined Apple in 1998.
Apple also said Tuesday that former newspaper editor Monica Lozano had been elected to the company’s board of directors, adding a prominent Hispanic business leader to the existing group of eight directors. Ms. Lozano is currently the CEO of the College Futures Foundation and previously ran the Spanish-language newspaper La Opinión and later ran its parent company, ImpreMedia.
According to Apple’s statement of representation, Mr. Cook’s 2020 salary, excluding the shares created, amounted to $ 14.8 million, including the cash bond and a $ 3 million salary that did not vary with respect to in the previous year. The package included $ 470,246 in security expenses and $ 432,564 in air travel. The company requires Mr. Cook to use private jets for all business and personal travel.
Write to Tim Higgins at [email protected]