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Apple CEO Tim Cook Pay Package Rose 28% in 2020, to $14.8 Million

Apple CEO Tim Cook Pay Package Rose 28% in 2020, to $14.8 Million

Apple CEO Tim Cook Pay Package Rose 28% in 2020, to $14.8 Million

Tim Cook, Apple’s chief executive officer, saw his overall pay package increase by 28% last year, according to a regulatory filing.

Cook’s base salary remained at $3 million for the year — the same as it was in 2019 and 2018 — but his non-equity incentive plan compensation rose to $10.7 million, up from $7.7 million the year prior.

“In 2020, Apple’s performance exceeded the target performance goals for both net sales and operating income, resulting in a total payout of 179% of the target payout opportunity for each named executive officer,” the company explained in the proxy filing.

In addition, Cook’s pay package for 2020 included a vacation cash-out in the amount of $115,385, personal air travel expenses in the amount of $432,564, and security expenses in the amount of $470,246, which represents “the incremental cost to Apple for personal security services provided to Mr. Cook as determined by allocating both direct costs and a percentage of fixed costs incurred by Apple and used to provide such personal security services.”

Written by Oli Coleman