Apple CEO Tim Cook doubled pay to $9.2M in 2014, Angela Ahrendts led execs with $73.3M
The yearly earnings of Apple's board members was revealed in a filing with the U.S. Securities and Exchange Commission on Thursday, including CEO Tim Cook who received compensation of over $9.22 million in 2014, more than doubling his pay from 2013.
Source: SEC
According to the document, Cook's $9.22 million in earnings includes $1.75 million salary, $6.7 million in non-equity incentives and other company contributions. Apple notes Cook was paid out nearly $57,000 in vacation cash-out and accrued almost $700,000 in security expenses.
By comparison, Cook's salary in 2013 amounted to $1.4 million, while incentives bumped overall earnings to $4.3 million. Those numbers don't reflect $69.6 million in vested stock options contingent on company performance granted that year.
When he took over as CEO for late Apple cofounder Steve Jobs in 2011, Cook received a $378 million payout package, as well as a $372.6 million one-time stock award scheduled to vest through 2021. Currently, 3.36 million shares of the 2011 award are not vested and have a market price of $338.52 million.
As for other Apple executives, SVP of Retail Angela Ahrendts, who was hired on in October 2013, was allotted $73.35 million, a bulk of which came from $70 million stock award. The retail chief's salary stood at just under $412,000 for 2014, an amount surpassed by a $500,000 bonus. Apple also paid about $458,000 in relocation expenses and more than $324,000 in associated tax gross up for taxable relocation amounts.
Eddy Cue, Apple's head of software and services, earned $24.45 million in 2014, most of which came from a stock award amounting to $20 million, while SVP of Operations Jeff Williams earned $24.4 million with an identical stock award.
Finally, Apple CFO Luca Maestri, who officially took over for Peter Oppenheimer last May, brought in $14 million, most of which coming from a stock award of $11.34 million. His predecessor earned $4.52 million over 2014.
Source: SEC
According to the document, Cook's $9.22 million in earnings includes $1.75 million salary, $6.7 million in non-equity incentives and other company contributions. Apple notes Cook was paid out nearly $57,000 in vacation cash-out and accrued almost $700,000 in security expenses.
By comparison, Cook's salary in 2013 amounted to $1.4 million, while incentives bumped overall earnings to $4.3 million. Those numbers don't reflect $69.6 million in vested stock options contingent on company performance granted that year.
When he took over as CEO for late Apple cofounder Steve Jobs in 2011, Cook received a $378 million payout package, as well as a $372.6 million one-time stock award scheduled to vest through 2021. Currently, 3.36 million shares of the 2011 award are not vested and have a market price of $338.52 million.
As for other Apple executives, SVP of Retail Angela Ahrendts, who was hired on in October 2013, was allotted $73.35 million, a bulk of which came from $70 million stock award. The retail chief's salary stood at just under $412,000 for 2014, an amount surpassed by a $500,000 bonus. Apple also paid about $458,000 in relocation expenses and more than $324,000 in associated tax gross up for taxable relocation amounts.
Eddy Cue, Apple's head of software and services, earned $24.45 million in 2014, most of which came from a stock award amounting to $20 million, while SVP of Operations Jeff Williams earned $24.4 million with an identical stock award.
Finally, Apple CFO Luca Maestri, who officially took over for Peter Oppenheimer last May, brought in $14 million, most of which coming from a stock award of $11.34 million. His predecessor earned $4.52 million over 2014.
Comments
For the success Cook has brought to Apple in 2014 I feel Cook's pay is too low, especially when the VP of retail is getting more for the year.
She is making off like s bandit.
These are obscene figures. Consider what apple execs made until 2004. Bertrand etc. Nothing like this and more valuable than most mentioned here.
I wonder what Cook thinks that Angela is going to bring to the table worth that amount of compensation.
Wasn't the $70M just to get her on board? I'm sure she'll have a regular salary next year, in line with Eddy and Jeff.
What I found rather large is the $458,000 in relocation expenses.
As for Tim getting 57k for holiday expenses, well, I guess I would be able to blow through that as well.
Really?
Why isn't that paid for out of his own salary.
I picked the wrong career.
Where did she relocate from? They may have compensated her for a comparable house size/valuation as well as costs for selling and buying a new home in the Cupertino area, as well the minimal costs for the actual move.
I'd sure love to give it a try.
Meanwhile despite being one of the richest companies with an enormous market capital and earnings, their income and base income is far less obscene than many other listed tech companies.
For the success Cook has brought to Apple in 2014 I feel Cook's pay is too low, especially when the VP of retail is getting more for the year.
I think it's all relative Solips. Tim Cook may have a very conservative salary compared to others, but doesn't he have like a gazillion dollars in AAPL to more than offset that?
Really?
Why isn't that paid for out of his own salary.
Perks of the job. What do you care?
I picked the wrong career.
Yes, you picked "Peon" when you should've picked "Rich Person"... (headslap!)
I think he does, and I'm glad that he does. In fact, I wish his salary was $1 per year like Jobs. I appreciate a chief executive that is rewarded on success.
You can't spell person without peon.
For the success Cook has brought to Apple in 2014 I feel Cook's pay is too low, especially when the VP of retail is getting more for the year.
Mr. Cook is, in reality, making considerably more than Ms. Ahrendts. Those RSUs valued at about $70 million vest over a period of several years - she didn't get them all last year and won't get them all if she doesn't remain with the company. They all show up under 2014 because that's when they were granted. It was part of her signing package, so to speak.
Mr. Cook also has a rather large RSU package. It doesn't show up (i.e. in the table posted in the OP) for 2014 because it wasn't granted last year. But, IIRC, he did have something like a million and half shares vest in 2014 - that's $150 million-ish worth of compensation. And he has something like 5 million more shares that are supposed to vest over the next 7 years.
No idea! I just read the article and pull an Ellen Feiss.
From Wiki: "When Ahrendts was working at Burberry, the family lived in a 12,000 square feet (1,100 m2) home on an 8 acres (3.2 ha) plot west of London.
Read this piece on why I think this woman is special:
http://magazine.wsj.com/features/the-big-interview/earning-her-strips/
"Money can't make you happy, but it pays for the search"
I guess he must be earning a good two or three times minimum wage, if not more.
Mostly well-deserved, apart from the pimply too-thin too-big iPhone 6 and the removal of the mute switch on the iPad Air 2. Oh, and the Apple Watch.
Options are not the same as restricted stock.
I'm a long term shareholder. I don't believe in massive salaries for executives ( are they really so much better than a decade ago?) and if you are getting well paid buy your own damn holiday.
That's a TL;DR for me. Any highlights in particular?