x Abu Dhabi, UAEFriday 28 July 2017

Apple's Tim Cook to receive only $4.17m in compensation this year

Apple chief executive Tim Cook will receive compensation for 2012 worth $4.17 million, down 99 per cent from a year earlier because of a lack of stock awards he received for 2011.

Apple chief executive Tim Cook will receive compensation for 2012 worth US$4.17 million, down 99 per cent from a year earlier because of a lack of stock awards he received for 2011.

The total includes $1.36m salary and $2.8m in incentive plan compensation, Cupertino, Apple said today in a regulatory filing. His 2011 compensation of $378m, one of the biggest pay packages on record, was boosted by $376.2m in stock awards that he will get over a decade.

Shares of Apple, maker of the iPhone and iPad, have dropped 27 per cent from a September record amid concerns that the company needs new breakthrough products to fend off rivals Google and Samsung. Apple co-founder Steve Jobs passed the reins to Mr Cook before his death in October 2011.

Apple's chief financial officer Peter Oppenheimer will receive 2012 compensation worth $68.6m, up from $1.42m a year earlier. His 2012 stock awards are valued at $66.2m.

Apple fell 1.4 per cent to $513 at the close in New York yesterday. Even with the decline since September, the stock is up 27 per cent for this year.

 

* Bloomberg News