Ottawa Citizen

Ap­ple pays CEO $4 mil­lion, but no shares this year,

$4.17M com­pen­sa­tion down from last year’s share-boosted $378M

- VILLE HEISKANEN

Ap­ple Inc. chief ex­ec­u­tive Tim Cook will re­ceive com­pen­sa­tion for 2012 val­ued at $4.17 mil­lion af­ter his salary was raised by 51 per cent in his first full year in the job. He will get no stock awards.

The to­tal in­cludes $1.36 mil­lion salary and $2.8 mil­lion in in­cen­tive plan com­pen­sa­tion, Cu­per­tino, Calif.-based Ap­ple said Thurs­day in a reg­u­la­tory fil­ing. Cook’s 2011 com­pen­sa­tion of $378 mil­lion, one of the big­gest pay pack­ages on record, was boosted by $376.2 mil­lion in stock awards that he’ll get over a decade.

Shares of Ap­ple, maker of the iPhone and iPad, have dropped 27 per cent from a Septem­ber record, build­ing up pres­sure on Cook to in­tro­duce a new hit prod­uct to fend off ri­vals Google Inc. and Sam­sung Elec­tron­ics Co. Ap­ple co-founder Steve Jobs passed the reins to Cook be­fore his death in Oc­to­ber 2011.

Chief fi­nan­cial of­fi­cer Peter Op­pen­heimer will re­ceive 2012 com­pen­sa­tion val­ued at $68.6 mil­lion, up from $1.42 mil­lion a year ear­lier. His 2012 stock awards are val­ued at $66.2 mil­lion.

Ap­ple stock is up 27 per cent for this year through Wed­nes­day.

Cook’s base salary in 2011 was $900,000. His to­tal com­pen­sa­tion in 2011 put him ahead of the high­est-paid CEOs at the time, ac­cord­ing to Equilar Inc., which tracks ex­ec­u­tive com­pen­sa­tion. Or­a­cle Corp. CEO Larry El­li­son re­ceived 2011 com­pen­sa­tion val­ued at $77.6 mil­lion. At Mi­crosoft Corp., Steve Ballmer’s pay package was worth $1.38 mil­lion.

Ama­zon.com Inc. paid CEO Jef­frey Be­zos a salary of just $81,840 in 2011 and no stock awards, mak­ing him the low­est paid among large tech­nol­ogy com­pa­nies.

Cook faced a set­back re­cently when users and crit­ics faulted Ap­ple’s map ap­pli­ca­tion, forc­ing the com­pany to let Google’s map app back onto the iPad and iPhone de­vices.

At least five an­a­lysts have cut their price tar­gets for Ap­ple since Dec. 16, with some say­ing Ap­ple’s pur­chases from sup­pli­ers in­di­cate iPhone and iPad sales may not meet pro­jec­tions.

The re­ports from Cit­i­group Inc., Pa­cific Crest Se­cu­ri­ties, Mizuho Se­cu­ri­ties USA, BMO Cap­i­tal Mar­kets and Canac­cord Ge­nu­ity mark a re­ver­sal from ear­lier this year, when an­a­lysts were rac­ing to is­sue up­beat pre­dic­tions, with at least two say­ing Ap­ple would top $1,000.

 ?? ERIC RIS­BERG/THE AS­SO­CI­ATED PRESS ?? Ap­ple CEO Tim Cook had his salary raised by 51 per cent this year, but will take home less com­pared to his 2011 com­pen­sa­tion of $378 mil­lion, which in­cluded stock awards.
ERIC RIS­BERG/THE AS­SO­CI­ATED PRESS Ap­ple CEO Tim Cook had his salary raised by 51 per cent this year, but will take home less com­pared to his 2011 com­pen­sa­tion of $378 mil­lion, which in­cluded stock awards.

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