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Tim Cook

Apple CEO Tim Cook made US$12.8 million in 2017 — a 46 per cent raise from last year

Apple’s top executives got 155.5 per cent of their performance-based bonus

PUBLISHED : Thursday, 28 December, 2017, 5:03pm
UPDATED : Thursday, 28 December, 2017, 5:09pm

By Becky Peterson

Apple CEO Tim Cook got a big raise in 2017, thanks in large part better-than-expected sales at the consumer electronic company.

Cook made a total of US$12,825,066 this year, according to a statement filed with the Securities and Exchange Commission. This is up from US$8,747,719 in 2016, and US$10,281,327 in 2015.

Of that total, only US$3,057,692 came from Cook’s base salary, which was about the same as the year before.

Most of his payment was in the form of non-equity incentive plan compensation, which is essentially a cash bonus for top executives. Cook made US$9,327,000 from these non-equity incentives — up from US$5,370,000 in 2016.

Apple’s executive compensation programme is designed to reward its senior-level officials when the company does well, and dock them when it doesn’t. In 2016, missed targets meant Apple execs got only 89.5 per cent of their potential cash incentive payouts for the year.

This year, however, the top brass got 155.5 per cent of their target, thanks to a massive rebound to Apple’s business. In 2017, Apple booked US$229.2 billion in net sales, and US$61.3 billion in operating income, beating internal Apple estimates. That success led, in large part, to a 36.7 per cent increase in Apple stock prices year-over-year.

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Read the original article at Business Insider