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Apple Updates

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Apple CEO Tim Cook's Income Drops 99 Percent

  • Dec 29, 2012
  • by
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+5
Most people would be happy earning $4.2 million in a year. For Apple’s CEO Tim Cook, however, his 2012 salary is 99 percent lower than in 2011.Timothy Cook received a base salary of $1.4 million and a cash bonus of $2.8 million in 2012. Cook took over the world’s largest company by market cap after Steve Jobs stepped down in the summer of 2011. Because of the transition, he received Apple shares worth $376 million in 2011. Given the extraordinarily large share compensation in 2011—he received none in 2012—his salary dropped a staggering 99 percent.This decrease in pay comes despite having beaten internal performance targets. According to Apple’s SEC filing, the maximum goal for net-sales in 2012 was $140 billion and $40,7 billion for operating income. Cook manages to beat both numbers, delivering $157 billion and $55 billion respectively.Read world top news and technology updates here: http://tinyurl.com/csefu7p
Apple CEO Tim Cook's Income Drops 99 Percent

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