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Apple Inc. said it exceeded internal financial goals in the past fiscal year, which resulted in the company paying 179% of targeted bonuses for named executives.
For chief executive Tim Cook, that means his cash bonus rose 40% last year to $ 10.7 million, Apple said Tuesday in its annual proxy filing with the Securities and Exchange Commission. His bonus was hit 36% in 2019 when his compensation package slumped as revenue and profits declined due to declining iPhone sales.
In the last fiscal year, despite a global pandemic that disrupted economies around the world, Apple’s profits rose 3.9%, with laptop and iPad sales benefiting stranded workers and students at home as part of efforts to slow the spread of Covid-19. Apple’s stock price rose more than 80% in 2020, placing its market value at over $ 2 trillion.
In addition to his compensation, Mr. Cook had a total of $ 281.9 million in restricted shares acquired during the year. These shares were an integral part of Mr. Cook’s long-term incentive program which was awarded in 2011 when he became CEO. The final installment of the décadelong plan will run later this year.
In September, Apple’s board of directors awarded Mr. Cook a new long-term share plan with shares acquired from 2023 to 2025, prompting him to remain CEO during that time. Mr. Cook, 60, joined Apple in 1998.
Apple also said on Tuesday that former newspaper editor and publisher Monica Lozano was elected to the company’s board, adding a prominent Hispanic business leader to the existing group of eight directors. Ms. Lozano is currently CEO of the College Futures Foundation, and previously ran the Spanish-language newspaper La Opinión and then headed its parent company, ImpreMedia.
According to Apple’s proxy filing, Mr. Cook’s 2020 salary, excluding vested shares, was $ 14.8 million, including the cash bonus and a $ 3 million salary that did not not changed from the previous year. The package included $ 470,246 for security costs and $ 432,564 for air travel. The company requires Mr. Cook to use private planes for all of his business and personal travel.
Write to Tim Higgins at [email protected]
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