Apple has paid Chief Executive Officer Tim Cook $98.73 million as compensation in 2021, according to a Proxy filing by the company with the SEC on January 6.
Cook earned $98,734,394 in stock, salary and other compensation during the year, as per the SECO filing.
“In 2021 we marked the 10th anniversary of Tim Cook’s leadership as CEO,” Apple said in the filing.
“In 2021 Mr Cook was granted an equity award for the first time since he was promoted to the CEO role in 2011,” it added.
Cook’s compensation included $3 million in salary and stock awards worth $82,347,835. It also included a $12 million ‘Non-Equity Incentive Plan Compensation’ for achieving Apple’s financial and sustainability goals for the year.
Compensation details
Other compensation amounted to $1,386,559. This included Apple’s contributions to Cook’s account under the 401(k) plan worth $17,400, term life insurance premiums paid by Apple amounting to $2,964, vacation cash-out in the amount of $23,077, security expenses totaling $630,630. This represents “the incremental cost to Apple for personal security services provided to Cook as determined by allocating both direct costs and a percentage of fixed costs incurred by Apple and used to provide such personal security services.”
It also includes personal air travel expenses in the amount of $712,488. This represents the incremental cost to Apple for Cook’s personal use of private aircraft based on hourly flight charges and other variable costs incurred by Apple for such use, including variable fuel charges, departure fees, and landing fees.
“For security and efficiency reasons, the Board implemented a policy in 2017 that requires Mr Cook to use private aircraft for all business and personal travel,” as per the filing.
Revenues
Apple posted a September quarter revenue record of $83.4 billion, up 29 per cent year over year.
“Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro-environment,” Luca Maestri, Apple’s CFO had said during the earnings call.
The tech giant doubled its business in India during the fiscal 2021.