Apple Inc. said it exceeded its internal financial goals in the last fiscal year, resulting in the payment of 179% of planned bonuses for appointed executives.
For Chief Executive Tim Cook, this means that his cash bonus increased 40% last year to $ 10.7 million, Apple said Tuesday in its annual proxy process with the Securities and Exchange Commission. His bonus fell by 36% in 2019, when his payment package fell, as revenue and profit declined due to weaker iPhone sales.
In the past fiscal year, despite a global pandemic that has affected economies worldwide, Apple’s profit grew 3.9% with sales of laptops and iPads benefited by workers and students trapped at home as part of efforts to slow down the dissemination of Covid-19. Apple’s stock price rose more than 80% in 2020, putting its market value at more than $ 2 trillion.
In addition to his compensation, Mr. Cook had a total of $ 281.9 million in restricted shares acquired during the year. These actions were an essential part of Mr. Cook’s long-term incentive package, awarded in 2011, when he became CEO. The last installment of the decade-long plan will be applied later this year.
In September, Apple’s board issued a new long-term capital plan for Mr. Cook with shares acquired from 2023 to 2025, giving him an incentive to remain CEO during that period. Mr. Cook, 60, joined Apple in 1998.
Apple also said on Tuesday that former editor and editor of the newspaper Monica Lozano was elected to the company’s board, adding a major Hispanic business leader to the existing group of eight directors. Ms. Lozano is currently CEO of the College Futures Foundation and previously directed the Spanish newspaper La Opinión and later headed her parent company, ImpreMedia.
According to Apple’s power of attorney, Mr. Cook’s payment in 2020, excluding the acquired shares, totaled $ 14.8 million, including the cash bonus and a $ 3 million salary that has not changed from previous year. The package included $ 470,246 in security costs and $ 432,564 in air travel. The company requires Mr. Cook to use private planes for all business and personal travel.
Write to Tim Higgins at [email protected]