Apple CEO Tim Cook’s total remuneration more than doubled to $9.2 million in 2014, according to a report filed by the company. Cook’s remuneration included a $1.75 million salary and $6.7 million in non-equity incentives and other contributions. In 2013, Cook received a salary of $4.3 million, which included a base pay of $1.4 million.
Raise based on peer review
Cook assumed the role of chief executive in August 2011, and the recent hike in his salary was the first since November 2011. When Cook took over as the CEO of Apple (NASDAQ:AAPL), he received a $378 million payout package and a $372.6 million one-time stock award. Presently 3.36 million shares of the 2011 award are not vested and are worth $338.52 million.
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Apple (NASDAQ:AAPL) noted in its annual report that the base salary of other executives also increased by over 14% to $1 million. The raise for executives has been given after reviewing “peer company” market data provided by an independent compensation consultant, stated Apple in the report. Also the bonuses for the executive team have been raised to a maximum of 400% of their salary Apple informed investors.
“This change was intended to recognise the responsibilities assigned to each officer and to maintain internal equity among the executive team,” Apple (NASDAQ:AAPL) said in the report.
Pay packages of other top executives at Apple
Apple (NASDAQ:AAPL) was quite generous to SVP of Retail Angela Ahrendts, who joined in October 2013. Ahrendts was given $73.35 million, including a $70 million stock award. The salary for the retail chief in 2014 amounted to under $412,000. The executive was also paid around $458,000 for relocation expenses and over $324,000 in associated tax gross-up for the taxable relocation amounts.
Apple CFO Luca Maestri, who succeeded Peter Oppenheimer last May, earned $14 million last year, and the majority of that amount came from a stock award of $11.34 million. Apple’s head of software and services, Eddy Cue, received $24.45 million in 2014, the majority of which was contributed by a stock award amounting to $20 million. Jeff Williams, SVP of operations, earned $24.4 million in 2014.
Also Apple (NASDAQ:AAPL) stated in its report that the chief executive of fashion retailer J Crew and former Gap boss Mickey Drexler will be stepping down from the company’s board after 15 years, and as of now, no replacement has been named yet.