Tim Cook, The Billionaire Apple CEO, Was Paid $98 Million In 2021
Tim Cook, Apple CEO, is said to have gotten a $98 million payout in 2021, as well as $754 million in company stock.
According to SEC filings, Cook, 61, who is worth $1.5 billion, reaped the lavish rewards during the fiscal year that concluded in September 2021.
He also has access to $754 million in company stock that vested in August as a result of an old grant, though it’s unknown if he’s sold any of it. Cook also owns $37.5 million in company stock, which will vest annually over three years beginning in 2023.
After Apple had a spectacular year, with $365 million in sales and a 33 percent increase in revenue, his earnings increased.
Cook received $98 million in the fiscal year 2021, with $3 million going to his annual salary and another $12 million in bonuses for meeting Apple’s financial and environmental sustainability targets.
He also earned $1.39 million in salary, which included personal air travel, security, 401(k), and life insurance, as well as a vacation payout.
According to the article, stock awards account for the majority of the IT giant’s annual earnings.
His 2021 awards were worth $82.35 million, but he can’t get his hands on the stocks yet because they’re part of a five-year deal that’s split into two parts. The awards were announced on the first day of the fiscal year 2021, which began in September 2020.
Cook has received his first equity award since taking over as CEO in 2011.
‘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 SEC filings.
Cook became a billionaire in August 2020, making him a rare species among the likes of Elon Musk of Tesla and Jeff Bezos of Amazon. Cook did not found Apple, unlike Musk and Bezos, and it is unusual for a non-founder to join the billionaire’s club, according to the Verge.