Apple Inc. said it exceeded its internal financial targets in the past fiscal year, giving the company 179% of target bonuses for appointed officers.
For Chief Executive Tim Cook, that meant his cash bonus jumped 40% last year to $ 10.7 million, Apple said Tuesday in its annual proxy filing with the Securities and Exchange Commission. His bonus was up a whopping 36% in 2019 as his salary fell as sales and profits fell, coupled with weaker iPhone sales.
In the past fiscal year, despite a global pandemic that disrupted economies around the world, Apple’s profits rose 3.9%, with laptop and iPad sales benefiting employees and students trapped at home as part of efforts to increase the delay the spread of Covid-19. Apple’s stock price rose more than 80% in 2020, bringing its market value to more than $ 2 trillion.
In addition to his compensation, Mr. Cook totaled $ 281.9 million in restricted stock that vested during the year. Those shares were a core part of Mr Cook’s long-term bonus package awarded in 2011 when he became CEO. The final installment of the Decadelong plan will be acquired later this year.
In September, Apple’s board of directors awarded a new long-term stock plan to Mr. Cook with shares that vest from 2023 to 2025, providing an incentive to stay on as CEO during that period. Mr. Cook, 60 years old, joined Apple in 1998.
Apple also said Tuesday that former newspaper editor and publisher Monica Lozano had been elected to the company’s board of directors, adding a prominent Spanish company leader to the existing group of eight directors. Ms. Lozano is currently CEO of College Futures Foundation, and previously headed the Spanish-language newspaper La Opinión and later headed the parent company ImpreMedia.
Under Apple’s power of attorney, Mr. Cook in 2020, excluding acquired shares, totaled $ 14.8 million, including the cash bonus and a $ 3 million salary that did not change from the previous year. The package included $ 470,246 in security costs and $ 432,564 for air travel. The company requires Mr. Cook to use private jets for all business and personal travel.
Write to Tim Higgins at [email protected]