January 6, 2017
Apple CEO Tim Cook earned a whopping $145 million in 2016, thanks, in large part, to his restricted stock worth.
Cook earned a salary of $3 million and received a $5.37 million cash bonus, bringing his salary to $8.75 million, a proxy statement filed today, and seen by Bloomberg, revealed. The majority of the money, roughly $136 million, came from vested stock — stock he was handed when he signed up to be the iPhone maker’s CEO.
Although the value of the shares was not included in the filing, it is expected Cook’s restricted stock will be worth roughly $665 million once it’s fully vested.
Cook may have received a record amount of compensation in 2016, despite Apple’s first annual sales drop, but his top executives were not as lucky.
Cook’s five top lieutenants — Angela Ahrendts, Eddy Cue, Luca Maestri, Dan Riccio and Bruce Sewell — received roughly $22.8 million each las year, which included $2.8 million in salary and cash bonuses, and $20 million in equity awards. That is a decided dip from their 2015 compensation.
Cook, whose net worth is estimated at some $785 million, told Fortune back in 2015 that he plans to give away a lot of his money. Cook’s first goal is to put his nephew, who is currently 12, through college. The rest will be donated to charities.
“You want to be the pebble in the pond that creates the ripples for change,” Cook told the publication, adding that he planned to develop a systematic approach to his giving rather than simply writing checks to those in need.