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Apple CEO Tim Cook's pay increases 28% to $15 million in 2020

Cook's base salary remained the same as in 2019 at $3 million but his non-equity incentive plan compensation rose to $10.7 million from $7.7 million in 2019

twitter-logoBusinessToday.In | January 6, 2021 | Updated 11:17 IST
Apple CEO Tim Cook's pay increases 28% to $15 million in 2020
Apple said that Cook earned 256 times as much as its median employee, who earned $57,783 in 2020 (Image: Reuters)

Tim Cook, the chief executive officer of Apple Inc saw his overall pay package increase by 28 per cent to $14,769,259 in 2020, according to a regulatory filing.

His base salary remained the same as in 2019 at $3 million but his non-equity incentive plan compensation rose to $10.7 million from $7.7 million in 2019. Cook's pay package also included a vacation cash-out of $115,385, personal air travel expenses $432,564, and security expenses $470,246, according to the Securities and Exchange Commission.

Cook's annual take-home amount has gone up compared to last year when he made $11.5 million. However, the overall package has gone down from what he earned in 2018, which was $15.68 million.

Apple said that Cook earned 256 times as much as its median employee, who earned $57,783 in 2020.

The SEC filing also revealed that Cook will receive a long-term equity award in 2021. Apple's proxy statement noted, "For the first time since he was promoted to the CEO role in 2011, Mr Cook's 2021 compensation will include a long-term equity award. This award will better align the structure of his time-based and performance-based equity incentives with the awards of our other named executive officers".

Additionally, 2021 will mark Cook's 10th anniversary as CEO of Apple Inc.

In 2020, Apple Inc achieved all-time record revenues of $274.5 billion-up six per cent YoY. The iPhone maker said it returned $90 billion to shareholders in dividends and share purchases.

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