CEO Tim Cook’s pay declines by US$4 million as Apple performance slips
SAN FRANCISCO: Apple chief Tim Cook saw his annual pay decline to US$11.6 million in 2019 after the company registered a weaker financial performance compared with the previous year, according to documents filed on Friday (Jan 3).
Cook, who took home US$15.7 million in 2018, is paid a base salary of US$3 million, in addition to a bonus and various compensations.
His 2019 incentive bonus, which is tied to Apple's performance, tallied about US$7.7 million, and was calculated based on the fact that Apple exceeded its sales target by only 28 per cent.
That compared with US$12 million in 2018, based on the company exceeding its sales target by 100 per cent, the filing with the Securities and Exchange Commission said.
Cook's 2019 pay was also reported to include another US$885,000 worth of benefits, most of which were for security and use of a private jet.
"For security and efficiency reasons, the board requires Mr. Cook to use private aircraft Read More – Source