Apple CEO Tim Cook received a big $98million payout in 2021, while also gaining access to $754million in company shares.
Cook, 61, who is worth $1.5billion, enjoyed the luxurious earnings during the 2021 fiscal year, which ended in September, according to SEC filings.
He also now has access to $754million in company shares that vested in August from an old grant, although it is unclear if he has chosen to sell any of that stock. Cook additionally sits on shares worth $37.5million in the company that will vest annually over three years starting in 2023.
His earnings rose after Apple had a stellar year – the company earned $365million in sales and had a 33 per cent growth in revenue.
Apple CEO Tim Cook, 61, earned $98million in the 2021 fiscal year
Among the $98million Cook earned in the 2021 fiscal year, $3million of it was his annual salary and he earned another $12million in bonuses for hitting Apple’s financial and environmental sustainability goals.
He also received a large compensation of $1.39million that including: personal air travel, security, 401(k), and life insurance, and vacation payout.
However, the majority of the tech giant’s annual earnings come from stock awards. His 2021 awards earned him $82.35million.
Although Cook can’t access the stocks yet, as it’s part of a five-year deal and comes in two parts, the awards were announced on the first day of the 2021 fiscal year, which started in September 2020.
On top of his $3million salary, Cook earned $82million in stock awards, and $12million in bonuses for hitting Apple’s financial and environmental sustainability goals
A giant 333,987 shares – currently worth $172 each – will vest in three years, starting in 2023, and Cook will receive these even if he retires.
The other half is performance-based and will become available to Cook in October 2023. These shares – which start at 333,987 as well – could go higher or lower based on how the company’s stock does, but was valued at almost $45million when it was first announced.
Cook will also receive these shares if he retires, however, the board of directors can stop it if they choose to do so.
Cook’s performance is also compared to the likes of Tesla, Microsoft, and Meta – formerly known as Facebook.
This is Cook’s first equity award since becoming CEO in 2011.
‘It’s been a remarkable decade for Apple and in 2021 Mr. Cook was granted an equity award for the first time since he was promoted to CEO in August 2011,’ Apple said in the SEC filings.
Cook joined the billionaire’s club in August 2020 and is a rare breed among the likes of Tesla’s Elon Musk and Amazon founder Jeff Bezos. Unlike Musk and Bezos, Cook did not found Apple, and it’s rare for a non-founder to enter the ranks of the billionaire’s club, according to the Verge.