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Tim Cook Earned $125 Million in 2019 Despite 8 Percent Decline in Earnings

File image of Apple's chief executive officer Tim Cook. (Photo: Reuters)

File image of Apple's chief executive officer Tim Cook. (Photo: Reuters)

Apple CEO Tim Cook took home a base salary of $3 million, $7.7 million as bonus, over $800,000 in perks and $113 million as company shares.

  • IANS
  • Last Updated: January 4, 2020, 3:38 PM IST
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A weaker-than-expected market performance last year resulted in a $11.6 million dip in Apple CEO's annual pay package in 2019, according to the documents filed in the US Securities and Exchange Commission (SEC). Cook still took home nearly $125 million as his total compensation (including Apple shares worth 113.5 million) -- nearly 8 per cent lower than $136 million he received in total compensation in 2018.

According to the SEC filing, Cook received $3 million as base salary in 2019 but his bonus slid to $7.67 million from $12 million, reports Seeking Alpha. "Cook's total pay fell last year as the company failed to top its financial targets by as much as in 2018, but Cook still amassed $125 million in total compensation," the report said on Friday. The Apple CEO also received over $800,000 in other compensation.

Apple exceeded its targets of $256.6 billion in net sales and $60.1 billion in operating income for fiscal 2019. Cook, who became Apple CEO in 2011 has so far taken $963.5 million in total compensation, according to information services firm Equilar. Apple shares hit a new all-time high of $300 on Thursday, marking a significant growth over the course of the last year. In early January last year, Apple shares were at $144.

Apple stock has surged owing to reports of better than expected iPhone 11 and 11 Pro sales and reports of stronger AirPods Pro sales. The company's stock rose by nearly 90 per cent last year. For its fiscal 2019 fourth quarter that ended September 28, Apple posted quarterly revenue of $64 billion -- an increase of 2 per cent from the year-ago quarter, and quarterly earnings per diluted share of $3.03, up 4 per cent.

International sales accounted for 60 per cent of the quarter's revenue. For its fiscal 2020 first quarter (October-December period), the company expects revenue between $85.5 billion and $89.5 billion and operating expenses between $9.6 billion and $9.8 billion.

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