Apple Inc. Chief Executive Officer Tim Cook collected his biggest-ever annual bonus for fiscal 2018 after the iPhone maker posted record revenue and profit and its market value temporarily eclipsed $1 trillion.
Cook received a $12 million bonus for the year that ended Sept. 29, the Cupertino, Calif.-based company said Tuesday in a filing. He also got a $3 million salary and shares worth $121 million from his 10-year stock award, bringing his total haul to $136 million, along with perks of about $682,000. The bonus was linked to revenue and operating income targets, both of which rose 16 percent from a year earlier.
Repeating that feat may be challenging. Last week, Apple disclosed lower-than-anticipated demand for iPhones in China and elsewhere, and the company cut its revenue forecast for the first time in almost two decades. Since the announcement, its stock has tumbled 12 percent.
Four other Apple executives got bonuses of $4 million, bringing their total pay to about $26.5 million each, including salary and stock awards. Part of the equity is linked to stock-return goals, while the remainder vests as long as the person remains on the job.
The bulk of Cook's pay comes from the big stock award he received in 2011, when he succeeded Steve Jobs as CEO. It pays out in annual increments.
Business on 01/09/2019