Apple recently became the first company to be valued at over $3 trillion and had a stellar year in terms of revenue and sales. The company’s revenue grew by over 33 percent over the past year, between September 2020 and September 2021, and the Cupertino giant reported a total of $365 billion in sales.
Now the company has revealed how much its CEO Tim Cook made in compensation through the year in the latest filings with the US Securities and Exchange Commission. Cook has made a total of $98.73 million during FY21.
Cook’s compensation, while still a far cry from Tesla CEO Elon Musk’s $11 billion, puts him in the highest tier of compensations that the world’s most powerful executives are able to command. Just like Musk and other well-compensated executives, most of Cook’s “salary” comes in the form of exercisable stock options of the company that he works for -- Apple.
Cook’s entire compensation package includes $3 million salary, a $12 million bonus for hitting financial and ESG goals, $1.39 million in other compensation, and $82.35 million in stock awards. The stock awards form part of a five-year grant announced in September 2020 but haven’t been vested, i.e. available to be exercised.
The first part of the stock options are 3,33,987 equity shares valued at $37.5 million at the time of being granted, and the second part is 3,33,987 shares of Apple valued at $44.85 million at the time of the grant. The first part of the shares will vest in three yearly instalments starting from 2023, while the second part of the share award is performance-based, leading to Cook receiving up to double or none of the promised stocks depending on Apple’s stock price at the time. The second part will also vest in 2023.
“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 filing.
