Neil Hughes
The compensation was revealed on Friday in the company's 2011 Proxy Statement, filed with the U.S. Securities and Exchange Commission.
Last March, Cook, 50, was given a "special award" to recognize his his "outstanding performance" in overseeing the company's day-to-day operations in 2009 when Jobs was on a medical leave of absence. He earned 75,000 restricted shares of AAPL stock, as well as a $5 million discretionary bonus.
Cook earned an annual salary of about $800,000, and added to his $52.3 million in stock awards and $5 million cash bonus, the chief operating officer received a total compensation of $59.1 million in fiscal 2010. It was a huge pay increase for Cook, who earned $1.64 million total in 2009.
Apple's Compensation Committee also determined in September that it was appropriate to increase Cook's base salary from $800,000 to $900,000, a raise that will be reflected in his compensation for the 2011 fiscal year.
Also given a raise last year was Bruce D. Sewell, who took over as Apple's general counsel and senior vice president in 2009. Sewell earned $650,000 in 2010, and will receive a $50,000 pay raise to $700,000 this year.
Not receiving a pay raise was Jobs, who has famously kept an annual salary of $1 per year since he rejoined Apple in 1997. Jobs remains well compensated, however, as he owns about 5.5 million shares of AAPL stock.
"Since rejoining the company in 1997, Mr. Jobs has not sold any of his shares of the Company's stock," the filing reads. "Mr. Jobs holds no unvested equity awards. The Company recognizes that Mr. Jobs's level of stock ownership significantly aligns his interests with shareholders' interests."
Apple's annual shareholder meeting will be held at the company's "Town Hall" (Building 4) at its Cupertino Calif., campus on Feb. 23 at 10 a.m. Pacific Standard Time. Admission to the meeting is allowed to shareholders on a first-come, first-served basis.
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73 Comments
$59 million? He must kiss the ground that Steve Jobs walks on every day of his life.
As an MBA, let me point out having been around and seen many of his type, he didn't do anything remotely to earn this in a "fair" way. Anyone competent could have done what Cook did; Jobs magic is obviously the real reason for Apple's success. It is crazy in corporate America there is such a huge disconnect between what the average worker in a company earns and the top execs. The BOD doesn't answer to the common shareholder anymore. I suppose I could understand him getting $5 million, but $59 million?! Just how much is enough?
As an MBA, let me point out having been around and seen many of his type, he didn't do anything remotely to earn this in a "fair" way. Anyone competent could have done what Cook did; Jobs magic is obviously the real reason for Apple's success. It is crazy in corporate America there is such a huge disconnect between what the average worker in a company earns and the top execs. The BOD doesn't answer to the common shareholder anymore. I suppose I could understand him getting $5 million, but $59 million?! Just how much is enough?
And how much closer to a Tim Cook level bonus has that MBA gotten you?
As an MBA, let me point out having been around and seen many of his type, he didn't do anything remotely to earn this in a "fair" way. Anyone competent could have done what Cook did; Jobs magic is obviously the real reason for Apple's success. It is crazy in corporate America there is such a huge disconnect between what the average worker in a company earns and the top execs. The BOD doesn't answer to the common shareholder anymore. I suppose I could understand him getting $5 million, but $59 million?! Just how much is enough?
It is in the character of very few men to honor without envy a friend who has prospered. ~Aeschylus
As an MBA, let me point out having been around and seen many of his type, he didn't do anything remotely to earn this in a "fair" way. Anyone competent could have done what Cook did; Jobs magic is obviously the real reason for Apple's success. It is crazy in corporate America there is such a huge disconnect between what the average worker in a company earns and the top execs. The BOD doesn't answer to the common shareholder anymore. I suppose I could understand him getting $5 million, but $59 million?! Just how much is enough?
A lot of people think they can do a good job as president of the US too. There is a lot more to the job then you would think. Any plain old MBA isn't going to be a good fit to lead an engineering company. You need to be multi-talented. Remember that Tim is the potential successor to Steve Jobs. He not only knows all of Apple's operations, but he has the right spirit for Apple. His job is his life. It is not like he is some real estate mogul and this money isn't going to support some playboy lifestyle. I'm sure he invests his money in things that create jobs (or in Apple stock). Money is power and I like to see power in the hands of someone like Tim.
Besides, his salary is $800,000. He had a one time bonus of $5 million probably for his role as temporary CEO at the beginning of the year. The rest is stock based compensation. That stock was probably given to him at $80 a share. Apple is now at $334 a share.