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Apple Inc. said it had exceeded its internal financial targets in the past financial year, which resulted in the company paying out 179% of the intended bonuses to nominated officers.
For CEO Tim Cook, that meant his cash bonus rose 40% last year to $ 10.7 million, Apple said Tuesday in its annual power of attorney file with the Securities and Exchange Commission. Its bonus hit 36% in 2019 when its payment package fell as revenue and profits fell, linked to weaker iPhone sales.
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In the past financial year, despite a global pandemic that disrupted economies around the world, Apple’s profits rose by 3.9% with the sale of laptops and iPads benefiting workers and students sitting at home as part of the effort to slow down the spread of Covid-19. Apple’s share price rose more than 80% in 2020, bringing its market value to more than $ 2 billion.
In addition to his compensation, Mr. Cook had a total of $ 281.9 million in restricted inventory established during the year. These shares were an important part of Cook’s long-term incentive package awarded in 2011 when he became CEO. The final tranche establishes the decade-long plan later this year.
APPLE WILL CHANGE EXECUTIVE BONUSES IN 2021 ON THE ENVIRONMENTAL VALUES IN 2021
In September, Apple’s board unveiled a new long-term share plan to Mr. Cook was awarded shares held from 2023 to 2025, which encouraged him to continue as CEO during the period. Cook, 60, joined Apple in 1998.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| AAPL | APPLE INC. | 131.01 | +1.60 | + 1.24% |
Apple also said on Tuesday that former newspaper editor and publisher Monica Lozano had been elected to the company’s board, adding a prominent Spanish business leader to the existing group of eight directors. Mrs. Lozano is currently CEO of College Futures Foundation, and previously ran the Spanish newspaper La Opinión and later headed his parent company, ImpreMedia.
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According to Apple’s proxy filing, Cook’s 2020 payment, excluding established shares, is $ 14.8 million, including the cash bonus and a salary of $ 3 million that did not change from the previous year. The package included $ 470,246 in security costs and $ 432,564 in air travel. The company requires that Mr. Cook private jets must be used for all business travel and personal travel.
Write to Tim Higgins by [email protected]