NEW YORK- Chief Executive Officer (CEO) of the tech giant, Apple has been entitled to annual pay raise by 11.5 %, which means the pay raise of $10.3 Million from $9.22 Million, which was the amount paid to him the year before.
According to the international media, Apple CEO Tim Cook received $10.28 million in compensation in the most recent year, up 11.5 percent from $9.22 million the year before.
Cook’s pay package includes a base salary of $2.0 million, up from $1.75 million, along with $8.0 million in non-equity incentive pay, up from $6.7 million. It also includes $281,327 in other compensation, according to a regulatory filing.
Cook’s rise in compensation coincides with a 16 percent stock gain in the company’s fiscal year, which ended Sep. 26.
The filing shows that Apple paid five senior vice presidents more than $25 million each, including stock awards worth $20 million each. Those executives include Eddy Cue who oversees Apple’s iTunes Store, App Store and the like.
During its fiscal year-end call with analysts, Cook called fiscal-year 2015 “Apple’s most successful year ever,” with revenue growing 28 percent to $234 billion on sales of the iPhone, iPad and Mac computers. An all-new Apple TV began shipping in November.
Cook’s compensation might appear paltry compared to other chief executives, Disney CEO Bob Iger made $44.9 million in 2015, for example, but Cook made an astronomical $378 million in 2011 courtesy of stock awards he’d receive periodically over a decade.
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