Apple CEO Tim Cook made $ 125 million in fiscal 2019, less than the previous year, partly because of reduced bonuses.
According to documents released by Apple on January 3, in the most recent fiscal year, Cook’s salary was $ 3 million, bonuses were $ 7.7 million, and allowances and other compensation were $ 884,466. At the same time, Cook also got $ 113.5 million worth of Apple stock.
Cook’s total revenue of $ 125 million in fiscal 2019 was lower than $ 136 million in fiscal 2018.
Bloomberg reported on January 4th that in fiscal 2018, Cook received a prize of $ 12 million, which is also the year he has the most bonuses. As Apple did not achieve its sales and operating revenue goals in the fiscal year 2019 as much as the previous year, Cook’s bonus was reduced.
According to CNBC’s January 3 report, in fiscal 2019, Apple achieved its goals of $ 256.6 billion in net sales and $ 60.1 billion in operating income. However, this number is not enough for executives to receive the highest bonuses. According to the document, the annual cash reward payment ratio is 128% of the 2019 target bonus, which is lower than the maximum of the 2018 target bonus of 200%. In 2017, Apple executives received 155% of their target bonus.
According to other documents, Cook will also own nearly $ 400 million worth of Apple stock, because the incentive conditions have not yet been obtained. When Cook took over as CEO from Apple co-founder Steve Jobs, he accumulated most of the stock through 2011 equity incentives.
Other Apple executives, including Chief Operating Officer Jeff Williams, Chief Financial Officer Luca Maestri, and General Counsel Kate Adams also saw lower overall compensation. For the same reasons as Cook, all three executives’ bonuses have fallen from $ 4 million to $ 2.6 million.
Apple also stated in the documents that in 2019, Apple’s security expenditure for Cook was $ 457,083, and another $ 315,311 for personal air travel expenses.
The Bloomberg report also mentioned that last week Cook donated $ 2 million worth of Apple stock to an undisclosed charity and said he planned to donate most of his property before his death.