Apple’s highest-paid executive earns nearly twice as much as CEO Tim Cook

By Sam Shead

Angela Ahrendts, Apple’s senior vice-president of retail and online stores, is once again Apple’s best-paid employee.

The 57-year-old tech exec took home US$24.2 million in 2017, according to Apple company filings.

That is almost twice as much as CEO Tim Cook, who earned US$12.8 million. However, the filing does not include a share award that Cook received in 2011, which equates to about US$90 million.

The filings show that Ahrendts – who oversees strategy, real estate and development, and operations of Apple’s physical stores, online store, and contact centres – received a salary of US$1 million.

The was in addition to US$20 million in stock, US$3.1 million in performance pay, and US$88,000 in other compensation.

She has been paid more than Cook since she joined Apple in 2014 from luxury fashion brand Burberry, where she was director and CEO.

Other well-paid Apple executives include finance chief Luca Maestri, hardware presidents Johny Srouji and Dan Riccio, and general counsel Bruce Sewell.

This table shows how much they have been paid in the past three years.

Elsewhere in the filings, it emerged that Cook will only take private jets for personal and business trips due to reasons relating to security and efficiency.

Apple said in a statement: “Our executive compensation programme is designed to reward performance in a simple and effective way.

“It reflects the unparalleled size, scope and success of Apple’s business, and the importance of our executive officers operating as a high-performing team, while focusing on key measures of profitability and the creation of shareholder value.

“We believe the compensation paid to our named executive officers for 2017 appropriately reflects and rewards their contributions to our performance.”

Read the original article at Business Insider