13°c A few clouds
Winnipeg Free Press - PRINT EDITION
Apple chief gets pay cut
Mere $4.2M in fiscal year
Apple CEO Tim Cook (CP)
NEW YORK -- Apple CEO Tim Cook got $4.2 million in pay for the latest fiscal year, a modest sum compared with last year, when the company's board set him up with stock now worth $510 million for taking the reins in 2011.
Cook's pay for fiscal 2012, which ended in September, consisted of $1.4 million in salary, a bonus of $2.8 million and $17,000 in company contributions to his 401(k) account and life insurance premiums, a filing said.
Apple Inc.'s board saw no need to give Cook additional shares in 2012 after the sign-on grant of one million shares in 2011. Half of those shares vest in 2016 and the other half in 2021. A lot could happen to the value of the shares before Cook can cash them out, but the sign-on grant made him -- at least on paper -- the highest-paid U.S. CEO in 2011.
Cook did vest into shares worth $140 million in 2012. Those shares were granted earlier, when he was chief operating officer. He had been acting CEO for a while before the death of company co-founder Steve Jobs in October 2011.
Apple tends to grant shares to executives every other year. Cook's closest cohorts got big grants in 2012, including top hardware engineer Robert Mansfield, who got shares worth $83 million. Chief financial officer Peter Oppenheimer and general counsel Bruce Sewell both got stock grants worth just over $66 million, more than double the value of the grants they got two years ago, reflecting the zooming value of Apple's stock.
The Cupertino, Calif.-based company's compensation policies are relatively simple. Missing are many of the perks other CEOs command, such as country club fees and private use of company aircraft.
-- The Associated Press
Republished from the Winnipeg Free Press print edition December 28, 2012 B7
More Business
- Back to Top
- Return to Business
More Business
(1 of 24 articles for today)
Consumers' demands changing media and entertainment companies: global survey
6:26 AM 0MONTREAL - Consumer use of technology is transforming media and entertainment companies with almost 60 per cent of their revenues ...
Poll
Most Popular Business
- McMunn & Yates absorbs five McDiarmid locations
- Shark Club opens in citiplace
- Daycare-subsidy rules bad for business
- Magellan signs MOU to produce F-35 tails
- Carriers turned off by Canada's wireless law
- Local business incubator gets new name
- Mountain Equipment Co-op unveils new logo, name to appeal to urban customers
- U.S. hedge fund increases its ownership stake in Tim Hortons to 5.5%
- NY, Va. 7-Eleven stores raided as US accuses owners and managers of exploiting immigrants
- Passenger: Man who disrupted Hong Kong flight ranted about CIA, was not stable
- Sobeys expanding reach in Western Canada with Safeway acquisition
- McMunn & Yates absorbs five McDiarmid locations
- Shark Club opens in citiplace
- Aircraft maintenance engineer taking off
- Two CBC reporters freed after being detained in Turkey
- St. Vital Centre's energy savings help managers snag BOMA awards
- Toronto condo market poses economic risk to Canada
- Daycare-subsidy rules bad for business
- New owner for lumber stores
- Canadian credit unions an eye-opener
- New owner for lumber stores
- Earls Pembina says goodbye after 18 years
- Sobeys expanding reach in Western Canada with Safeway acquisition
- Grove Pub to take over former home of Papa George's
- New rules let customers cancel phone contracts without penalty after two years
- McMunn & Yates absorbs five McDiarmid locations
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Where is easy street? Survey of city's richest routes may surprise
- Custom-made suits no longer just for the ultra-wealthy
- Shark Club opens in citiplace
- McMunn & Yates absorbs five McDiarmid locations
- Daycare-subsidy rules bad for business
- Warren Buffett -- Winnipeg-style
- Knights riding in with cash to spend
- Transcona transformation
- Target exceeds sales goal at Canadian stores
- The $2-million question
- Accounting merger adds and subtracts
- Bombardier wins German locomotive rail order potentially worth US$2 billion
- Magellan signs MOU to produce F-35 tails
- Sobeys expanding reach in Western Canada with Safeway acquisition
- McMunn & Yates absorbs five McDiarmid locations
- Toronto condo market poses economic risk to Canada
- Cutting edge, made-in-Manitoba tech finds buyer -- in Manitoba
- Google unveils Internet beaming balloons launched into stratosphere
- Warren Buffett -- Winnipeg-style
- Fund helps entrepreneurs fly
- Accounting merger adds and subtracts
- St. Vital Centre's energy savings help managers snag BOMA awards
- Daycare-subsidy rules bad for business
- New owner for lumber stores
- Snowbirds: It's that time of year again
- Sobeys expanding reach in Western Canada with Safeway acquisition
- Custom-made suits no longer just for the ultra-wealthy
- New rules let customers cancel phone contracts without penalty after two years
- Where is easy street? Survey of city's richest routes may surprise
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Manitoba Movers
- Grove Pub to take over former home of Papa George's
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
Have Your Say
Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?
Login SubscribeHave Your Say
Comments are open to Winnipeg Free Press Subscribers only. why?
SubscribeThe Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.