WASHINGTON (AFP) – Apple gave its chief executive Tim Cook a hefty 22 per cent pay raise in 2018, bringing his total compensation for the year to almost USD15.7 million according to a filing submitted to the Securities and Exchange Commission.
The figure comprised a base salary of USD3 million, a USD12 million bonus and USD680,000 in what it called “other compensation” that includes private air travel and security expenses.
Apple’s compensation committee cited the company’s strong sales performance over the year in justifying the bonus.
“For 2018… we achieved net sales of USD265.6 billion and operating income of USD70.9 billion, each representing a year-over-year increase of 16 per cent, and exceeding the 2018 maximum annual cash incentive programme goals for both of those performance measures,” the document said.
“The Compensation Committee determined that no downward adjustments to the payouts would be made based on Apple’s 2018 performance and the individual contributions of our named executive officers and approved the maximum total payout at 400 per cent of annual base salary.”