Apple CEO’s Pay Dropped About $10 Million in 2019 on Lower Bonus
Tim Cook Made $125 Million in Apple’s 2019 fiscal year.
(Bloomberg) -- Apple Inc. Chief Executive Officer Tim Cook made $125 million in the company’s 2019 fiscal year, less than the year before due in part to a lower bonus.
Cook got a $3 million salary, a $7.7 million bonus and $884,466 in perks and other compensation in the latest period, the Cupertino, California-based technology giant said in a filing Friday. The executive also had $113.5 million worth of Apple stock vest.
That $125 million in total compensation was down from the $136 million Cook made a year earlier. In that 2018 fiscal year, he got a $12 million bonus, his largest ever. The bonus shrank in the latest period because Apple didn’t beat its sales and operating income targets by as much as the year before.
Cook holds unvested Apple shares worth almost $400 million, according to Apple’s filing. Cook has amassed the majority of his stock through a 2011 equity award when he took over as CEO from co-founder Steve Jobs.
Other Apple executives, including Chief Operating Officer Jeff Williams, Chief Financial Officer Luca Maestri and General Counsel Kate Adams also saw their total compensation decline. All three executives saw their bonuses decline from $4 million to $2.6 million for the same reason as Cook.
Apple spent $457,083 on Cook’s security in 2019, another $315,311 on personal air travel expenses, the company said in its filing.
Cook donated $2 million worth of Apple shares to an undisclosed charity last week and has said he plans to eventually donate the majority of his fortune before he dies.
To contact the reporter on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.net
To contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew Pollack
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