CEO Tim Cook sees his pay ebb along with Ap­ple per­for­mance

Muscat Daily - - BUSINESS -

San Fran­cisco, US - Ap­ple chief Tim Cook saw his an­nual pay slip to US$11.6mn in 2019 af­ter the com­pany reg­is­tered a weaker fi­nan­cial per­for­mance com­pared with the pre­vi­ous year, ac­cord­ing to doc­u­ments filed on Fri­day.

Cook, who took home US$15.7mn in 2018, is paid a base salary of US$3mn, in ad­di­tion to a bonus and var­i­ous com­pen­sa­tions.

His 2019 in­cen­tive bonus, which is tied to Ap­ple’s per­for­mance, tal­lied about US$7.7mn, and was cal­cu­lated based on the fact that Ap­ple ex­ceeded its sales tar­get by only 28 per­cent.

That com­pared with US$12mn in 2018, based on the com­pany ex­ceed­ing its sales tar­get by 100 per cent, the fil­ing with the Se­cu­ri­ties and Ex­change Com­mis­sion said.

Cook’s 2019 pay was also re­ported to in­clude an­other US$885,000 worth of ben­e­fits, most of which were for se­cu­rity and use of a pri­vate jet.

‘For se­cu­rity and ef­fi­ciency rea­sons, the board re­quires Cook to use pri­vate air­craft for all busi­ness and per­sonal travel,’ the fil­ing said.

Apart from his salary, Cook also saw more than US$113mn worth of Ap­ple shares be­come vested as part of his long-term com­pen­sa­tion as head of the firm, ac­cord­ing to the fil­ing.

As iPhone sales have weak­ened, Ap­ple has been shift­ing to earn­ings from dig­i­tal con­tent and ser­vices sold to the le­gions of fans of its de­vices.

Ap­ple re­ported net sales of US$260.2bn and op­er­at­ing in­come of US$63.9bn for 2019, it said in the fil­ing.

(AFP)

Tim Cook

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