Apple Inc Chief Executive Officer Tim Cook collected his biggest-ever annual bonus for fiscal 2018 after the iPhone maker posted record revenue and profit, and its market value temporarily eclipsed $1 trillion, Bloomberg has reported.
According to the media outlet, Mr Cook received a $12 million bonus for the year ended September 29, the Cupertino, California-based company said January 8 in a report. He also got a $3 million salary and shares worth $121 million from his 10-year stock award. He also got perks of about $682,000 only. The bonus was linked to revenue and operating income targets, both of which rose 16% from a year earlier.
Bloomberg reported that four other Apple executives got bonuses of $4 million, bringing their total pay to about $26.5 million each, including salary and stock awards. Part of the equity is linked to stock-return goals, while the remainder vests as long as the person remains on the job.
The bulk of Cook’s pay comes from the big stock award he received in 2011, when he succeeded Steve Jobs as CEO. It pays out in annual increments. The number of shares he receives partially depends on the performance of Apple’s stock. In August, Cook collected 560,000 shares because Apple outperformed more than two-thirds of the firms over three years.