Apple paid Tim Cook almost $100m last year

Tim Cook, the Apple boss, was paid out near to $100m (£74m) last calendar year, a massive raise on the past 12 months, as the Iphone maker rocketed in direction of a $three trillion valuation.

His overall pay for the calendar year to September 25 was $98.7m, up from $14.7m, the Silicon Valley large discovered in a US submitting.

The increase was largely down to an $82m share award Mr Cook gained under a shake-up of his pay scheme.

Apple explained the sum was a reflection of the company’s results under his management: “The total recognises his exceptional management and is commensurate with the measurement, performance, and profitability Apple has achieved in the course of his tenure.”

Mr Cook celebrated a ten years functioning Apple last calendar year and the enterprise transformed how he was paid out soon after the expiry of a ten-calendar year package deal awarded when he succeeded Steve Positions.

The the vast majority of Mr Cook’s payment over the past ten years has been under his 2011 pay package deal, which involved him getting tranches of shares over the class of the pursuing ten years.

He not too long ago cashed in those people shares for $750m, a sum inflated by Apple’s remarkable share rate increase under his management.

His $98.7m pay package deal last calendar year, by contrast, covered 2021 by yourself. He was paid out a $3m salary and the rest in hard cash incentives and added benefits. The enterprise put in $712,488 on private flights, obtaining deemed it a stability threat for him to fly commercially in 2017.

Apple’s shares rose by 1,174pc over Mr Cook’s to start with ten years in demand, compared to 363pc for the S&P five hundred.

The stock has considering the fact that risen even further more and, earlier this 7 days, Apple turned the to start with enterprise to cross a $three trillion market capitalisation.

Speculation about Apple’s succession arranging has intensified as Mr Cook, sixty one, attained ten years in demand.

He explained last calendar year that he did not picture functioning the enterprise for a further ten years, but that there was not a day in sight for his departure.

His most very likely successor is considered to be Apple’s chief working officer Jeff Williams, who occupies the function Mr Cook filled under Mr Positions.

Apple explained Mr Cook’s pay was 1,447 instances that of the median Apple personnel, paid out $sixty eight,254. Most of its personnel are in its retail outlets.