Have you ever wondered how much money an executive like Tim Cook could make in a year? Well, Apple has published its annual proxy statement for 2021, reports 9to5Mac, and the document reveals some interesting tidbits about Apple’s executives pay, how much money was spend on his private jet expenses and for his security. Additionally, Apple has announced it will hold its annual shareholders meeting on March 4, 2022.
Here’s how much money Tim Cook was paid by Apple for 2021
The document published by Apple details the compensation of the executive team for 2021; here’s a breakdown you can check out:
- Salary: $3 million
- Stock awards: $82.3 million
- Non-equity incentive plan compensation: $10.7 million
- All other compensation: $1.38 million
CFO, Luca Maestri: $26.98 million total
- Salary: $1 million
- Stock awards: $21.96 million
- Non-equity incentive plan compensation: $4 million
- All other compensation: $18,883
General counsel, Kate Adams: $26.97 million total
- Salary: $1 million
- Stock awards: $21.96 million
- Non-equity incentive plan compensation: $4 million
- All other compensation: $14,533
SVP of retail and people, Deirdre O’Brian: $27 million total
- Salary: $1 million
- Stock awards: $21.96 million
- Non-equity incentive plan compensation: $4 million
- All other compensation: $61,191
COO, Jeff Williams: $26.97 million total
- Salary: $1 million
- Stock awards: $21.96 million
- Non-equity incentive plan compensation: $4 million
- All other compensation: $17,437
Apple noted specifically regarding Tim Cook’s compensation that it is marking also the 10th anniversary of Tim Cook as Apple’s CEO and during this year, he was granted an equity award. Apple says that this is the first time Tim Cook is getting an equity award since he was promoted to CEO of the company in August 2011. The amount of the award is based on performance, time in the company, as well as recognizes his skills in leadership and the profitability Apple has achieved under his CEO leadership.To give you some context, Tim Cook’s total compensation was $14.77 million in 2020 and $11.55 million in 2019. The cool thing is that he has always stated he is giving a vast majority of his fortune away.
Tim Cook’s travel expenses and security costs are also worth a look
The document doesn’t only reveal the compensations for the executives at Apple. It also gives us some information on how much money the company has paid for keeping Tim Cook safe and for his private jet for travels. Keep in mind that the board of directors of Apple implemented a policy back in 2017 that required Tim Cook to use a private aircraft for all his business and personal travels, in order to ensure his security and efficiency. So, here are the numbers. In 2021, Apple spend $712,488 for Tim Cook’s travels via his private jet. This amount also includes hourly flight charges, fuel charges, departure and landing fees. On Tim Cook’s security, Apple spent a total of $630,630.
Additionally, the document reveals a bit of information about how the payments are calculated and what is the CEO pay rate to an average Apple employee. An employee’s salary is based on base salary, bonuses, commissions, and equity awards. The total compensation of Apple’s median compensated employee for 2021 was $68,254. Compared to Tim Cook’s $98,734,394 total compensation, this means the CEO pay ratio is 1,447 to 1.
Apple products to expect in 2022 in mobile tech
Now, let’s briefly summarize what we could expect from the company this year. We have the possible spec-bumped iPhone SE 3 launch, we have the iPhone 14 coming (and hopefully, the Pro models at least will be without the dreaded-by-many notch), we also have the possibility of Apple’s first AR glasses to be unveiled (seemingly with a delay towards the end of the year). Of course, new iPads and iMacs are also going to make their appearance.
