Apple CEO Tim Cook is rolling in it.
A new Apple filing with the US Securities and Exchange Commission shows that Cook was paid US$15,682,219 in 2018.
That figure includes a US$3 million salary and US$12 million in bonus incentives for hitting performance targets linked to sales and operating income. It also includes US$294,082 for trips that Cook made on a private jet.
What’s not included is the enormous stock incentives that Apple provides to its chief executive. In August 2018, shortly after Apple’s market cap soared to over US$1 trillion, Cook cashed in US$121 million of stock that had vested.
Cook still holds around 1.5 million Apple shares — worth around US$228 million at the current share price — that haven’t yet vested.
Several other Apple executives had a base salary of US$1 million.
The median salary for an Apple employee is around US$55,000 a year, according to the same filing. Many of the company’s lowest paid employees are the consumer facing staff in the famous blue t-shirts that work in its retail stores around the world.
Apple states in the filing:
“Apple delivered a year of extraordinary performance in 2018, as we shipped our 2 billionth iOS device, celebrated the 10th anniversary of the App Store, and achieved the strongest net sales in Apple’s history, among many other accomplishments and milestones. Net sales grew $36.4 billion to $265.6 billion, and operating income grew $9.6 billion to $70.9 billion, representing 16% year-over-year growth for each of these key performance measures. We also returned almost $90 billion to our investors through dividends and share repurchases.
“We believe the compensation paid to our named executive officers for 2018 appropriately reflects and rewards their contribution to our performance.”
Cook, now 58, has been Apple’s CEO since August 2011 and was previously Apple’s Chief Operating Officer since October 2005.
Before taking on the CEO role, Cook held a number of other executive positions at Apple. From 2002 to 2005 he was Executive Vice President, Worldwide Sales and Operations, and from 2000 to 2002, he was Senior Vice President, Worldwide Operations, Sales, Service and Support. Prior to that, from 1998 to 2000, Cook served as Senior Vice President, Worldwide Operations.
In March 2015, The Guardian reported that Cook planned to give his US$800 million fortune to charity before he dies.