Apple's Tim Cook banked $74M in 2013, topping all but one S&P 500 tech CEO
Apple Chief Executive Tim Cook took home $4.3 million in salary and incentives in 2013 and added another $69.6 million in vested stock options, continuing his reign as one of the highest-paid executives in Silicon Valley.
Cook's $73.9 million windfall outpaced the $17.6 million collected by HP's Meg Whitman, Silicon Valley's third-place finisher, according to USA Today. Neither CEO stood a chance against Facebook chief Mark Zuckerberg's $3.9 billion payday, however, after the college dropout cashed in $3.3 billion worth of stock options.
The numbers change slightly when excluding stock options and grants from the calculation. Using only salary figures, Cook's $1.4 million handily beat out both Whitman and Zuckerberg, who took home just $1 each in 2013. Whitman also received a $260,000 performance bonus.
Though it would be exceptionally difficult to argue that Cook is overpaid -- Apple has recorded the best financial performances in its history under his watch -- some believe that lavish compensation packages such as his may come under pressure as the pay gap between top executives and everyday workers continues to widen.
"The extremes are getting bigger and run smack dab into the debate of income inequality," compensation consultant Alan Johnson told the publication. "Boards are quite concerned over how executive compensation will be perceived."
Johnson argues that boards should not shy away from large executive paydays just for image reasons, however. Instead, compensation should be set commensurate with the amount of shareholder value the executive creates.
By that measure, Cook should be paid even more.
Whitman took home approximately $3.4 million for every $1 billion in net income her company booked in 2013, while Zuckerberg brought in about $2.2 billion by the same formula. Cook, however, banked just $2 million.
Cook's $73.9 million windfall outpaced the $17.6 million collected by HP's Meg Whitman, Silicon Valley's third-place finisher, according to USA Today. Neither CEO stood a chance against Facebook chief Mark Zuckerberg's $3.9 billion payday, however, after the college dropout cashed in $3.3 billion worth of stock options.
The numbers change slightly when excluding stock options and grants from the calculation. Using only salary figures, Cook's $1.4 million handily beat out both Whitman and Zuckerberg, who took home just $1 each in 2013. Whitman also received a $260,000 performance bonus.
Though it would be exceptionally difficult to argue that Cook is overpaid -- Apple has recorded the best financial performances in its history under his watch -- some believe that lavish compensation packages such as his may come under pressure as the pay gap between top executives and everyday workers continues to widen.
"The extremes are getting bigger and run smack dab into the debate of income inequality," compensation consultant Alan Johnson told the publication. "Boards are quite concerned over how executive compensation will be perceived."
Johnson argues that boards should not shy away from large executive paydays just for image reasons, however. Instead, compensation should be set commensurate with the amount of shareholder value the executive creates.
By that measure, Cook should be paid even more.
Whitman took home approximately $3.4 million for every $1 billion in net income her company booked in 2013, while Zuckerberg brought in about $2.2 billion by the same formula. Cook, however, banked just $2 million.
Comments
Nonsense.
I rarely (if ever) say anything to this level for a CEO since most are overpaid sloths that do nothing but milk companies dry, but Tim Cook?? That man has earned every single penny. Keep up the good work!
They should all be like this guy.
http://www.autonews.com/article/20130624/OEM02/130629943?template=mobile&X-IgnoreUserAgent=1
Agreed, and I can't argue much with stock option salaries either. Company does well then you'll be rewarded with a favorable stock price.
The salary, sans his bonus from stock, is reasonable.
His entire stock value was predicated on performance and thus he either produces results or does not. He's not guaranteed those options, irregardless of company performance, unless so many Fortune 1000 CEOs.
AI posted this just to get a reaction out of Constable Odo. Watch what happens next.
Nah, this is too direct. Odo spews his nonsense on every other post.
They all have 10's if not 100's of millions in cash from previously dumped stock. Why not hold some new vested shares with the future so bright? Or do they not see the future so bright...
Cue the "CEOs are overpaid" and "share the wealth" trolls.
Nah, they'll be silent. That was my first thought. Where is Obama. Where is Harry Reid? Where is Pelosi? Where is Schumer? Durbin? Where are all the "progressives" who rail against executive compensation? Oh wait...it doesn't count because Apple's corporate culture is in agreement with their politics.
How does this constitute Apple news? I couldn't care less how much money Tim Cook made, let alone anyone else.
Please forward your approved Apple articles list asap to Apple Insider so they can get this fixed right away
And don't call Obama progressive. Corporate, maybe...
I'll think I'll have to revise it to it's obscene when bad CEO's get paid that amount.
Is that based on the renowned scientific Zuckerberg/Whitman metric?
How does this constitute Apple news? I couldn't care less how much money Tim Cook made, let alone anyone else.
What are you talking about?
This is an Apple centric site frequented by many Apple shareholders. Of course this is news that is relevant to all those who don't live in a cave.