Apple Boosts Pay of CEO Tim Cook, Other Executives
14:00, Thursday, 28 December, 2017
A year after delivering an unusual pay cut, Apple Inc. gave Chief Executive Tim Cook and other top executives a big boost in compensation for fiscal-year 2017 as the company exceeded annual sales and profit goals, according to a security filing on Wednesday.
Mr. Cook’s total compensation for the fiscal year, which ended in September, jumped 47%—to $12.8 million—the largest bump among the five executives listed in Apple’s annual proxy filing. Mr. Cook’s pay increase was driven by his cash bonus, which was hinged on exceeding the revenue and profit targets set by the board.
Apple’s sales improved in fiscal 2017 on strong demand for newer devices, including the iPhone 7, the MacBook Pro and the iPad Pro. The company also benefited from another year of more than 20% sales growth from its services business, which includes iTunes, Apple Music, Apple Pay and App Store sales.