Apple Inc. (NASDAQ:AAPL) CEO, Tim Cook, is going to receive $4.17 million as the annual compensation for 2012, after his pay was bumped by an increase of 51 percent in his first full year on the job, while no stock awards have been reported to be disbursed to the CEO.
The total amount of Cook’s annual disbursement is down from a $378 million pay package in 2011 that included stock awards. The 2011 package was one of the biggest on record that Cook will receive over a decade.
In a regulatory filing today, California-based Apple Inc. (NASDAQ:AAPL) reported that the total amount of compensation includes $1.36 million salary and $2.8 million as an incentive plan compensation.
Bloomberg reports that shares of Apple Inc. (NASDAQ:AAPL) dropped 27 percent from a September record, this put a pressure on Cook to introduce a new product in the market that could dominate its industry rivals Google Inc (NASDAQ:GOOG) and Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930).
Bloomberg also discusses that Cook met a backlash recently when users faced some troubles with Apple’s map application, this eventually forced the company to let Google’s map app back onto the iPad and iPhone devices.
Two months before Steve Jobs died, in August 2011, Apple’s board of directors granted Cook a 1 million restricted share units as an incentive to stay in the company. Half of the restricted total was scheduled to be compensated in 5 years, the remainder in 10 years.
Interestingly, as discussed by CNN money, Cook never received those 1 million shares last year when they were worth $376 million, nor did he have them in 2012, when they were worth $513 million, as of Wednesday’s close. Additionally, those shares for Tim Cook were worthless in 2011.
However, Cook did receive a raise in 2012 that brought his base salary to $1.4 billion.
“Despite this increase,” the proxy statement notes, “the target annual cash compensation for Mr. Cook remains significantly below the median annual cash compensation level for CEOs at peer companies.”
Apple Inc. (NASDAQ:AAPL)’s CFO, Peter Oppenheimer, will receive his 2012 compensation of $68.6 million, which increased from $1.42 million as compared to year 2012. Oppenheimer’s 2012 stock award are valued at $66.2 million.