Apple CEO Tim Cook doubled pay to $9.2M in 2014, Angela Ahrendts led execs with $73.3M

Posted:
in General Discussion edited April 2015
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.
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Comments

  • Reply 1 of 110
    paxmanpaxman Posts: 4,666member
    Much as they all deserve a just reward for their efforts these kind of sums are honestly obscene.
  • Reply 2 of 110
    solipsismysolipsismy Posts: 5,099member
    paxman wrote: »
    Much as they all deserve a just reward for their efforts these kind of sums are honestly obscene.

    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.
  • Reply 3 of 110
    asdasdasdasd Posts: 5,652member
    solipsismy wrote: »
    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.
  • Reply 4 of 110
    philboogiephilboogie Posts: 7,671member
    solipsismy wrote: »
    paxman wrote: »
    Much as they all deserve a just reward for their efforts these kind of sums are honestly obscene.

    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.

    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.
  • Reply 5 of 110
    asdasdasdasd Posts: 5,652member
    philboogie wrote: »
    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.
  • Reply 6 of 110
    fastasleepfastasleep Posts: 5,477member



    I picked the wrong career.

  • Reply 7 of 110
    solipsismysolipsismy Posts: 5,099member
    philboogie wrote: »
    What I found rather large is the $458,000 in relocation expenses.

    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.
    As for Tim getting 57k for holiday expenses, well, I guess I would be able to blow through that as well.

    I'd sure love to give it a try. :D
  • Reply 8 of 110
    ecatsecats Posts: 272member
    Don't get too excited people, the overwhelming majority of this income is in stock (rapidly valuing at that), the kind of stuff that is essential for locking in staff.

    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.
  • Reply 9 of 110
    sflocalsflocal Posts: 5,653member
    Quote:

    Originally Posted by SolipsismY View Post





    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?

  • Reply 10 of 110
    Quote:

    Originally Posted by asdasd View Post





    Really?



    Why isn't that paid for out of his own salary.



    Perks of the job. What do you care?

  • Reply 11 of 110
    Quote:

    Originally Posted by fastasleep View Post

     



    I picked the wrong career.




    Yes, you picked "Peon" when you should've picked "Rich Person"... (headslap!) :D

  • Reply 12 of 110
    rogifanrogifan Posts: 10,669member
    Jony must love never having to disclose salary or stock options.
  • Reply 13 of 110
    solipsismysolipsismy Posts: 5,099member
    sflocal wrote: »
    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?

    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.

    Yes, you picked "Peon" when you should've picked "Rich Person"... (headslap!) :D

    You can't spell person without peon.
  • Reply 14 of 110
    Quote:

    Originally Posted by SolipsismY View Post





    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.

  • Reply 15 of 110
    philboogiephilboogie Posts: 7,671member
    asdasd wrote: »
    philboogie wrote: »
    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.

    No idea! I just read the article and pull an Ellen Feiss.


    solipsismy wrote: »
    philboogie wrote: »
    What I found rather large is the $458,000 in relocation expenses.

    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.

    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/
    As for Tim getting 57k for holiday expenses, well, I guess I would be able to blow through that as well.
    I'd sure love to give it a try. :D

    "Money can't make you happy, but it pays for the search"
  • Reply 16 of 110
    rogifan wrote: »
    Jony must love never having to disclose salary or stock options.

    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.
  • Reply 17 of 110
    asdasdasdasd Posts: 5,652member
    solipsismy wrote: »
    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.

    Options are not the same as restricted stock.
  • Reply 18 of 110
    asdasdasdasd Posts: 5,652member

    Perks of the job. What do you care?

    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.
  • Reply 19 of 110
    asdasdasdasd Posts: 5,652member
    What's the non-equity incentive payments?
  • Reply 20 of 110
    solipsismysolipsismy Posts: 5,099member
    philboogie wrote: »
    Read this piece on why I think this woman is special:

    http://magazine.wsj.com/features/the-big-interview/earning-her-strips/"

    That's a TL;DR for me. Any highlights in particular?
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