In a surprise to many, while planning the shareholders meeting to be held on 23 February 2012, Apple revealed the salaries of big shots in their company.
Apple released its proxy materials ahead of its annual shareholder’s meeting this past Monday. Contained in the fine print is lots of detail about the compensation of its most important executives and board members, including a note about the raise that CEO Tim Cook got in November.
Cook was earning $900,000 a year when he was appointed CEO in August. However, in November, Apple gave him a hefty raise that put his base salary (not including bonuses or other compensation) at $1.4 million. Cook was not the only one who got a raise either.
According to the proxy filing:
In November 2011, the Compensation Committee determined that it was appropriate to increase the base salary of Mr. Cook to $1,400,000 from $900,000 and to increase the base salaries of the other members of the executive team, including Messrs. [Eddy] Cue, [Peter] Oppenheimer, and [Scott] Forstall, to $800,000 from $700,000.
A salary of $1.4 million is far more than $1 salary that Steve Jobs received. However, this would have never bothered Jobs or his family, given the fact that Jobs was fabulously wealthy, thanks to his ownership and subsequent sale of Pixar to Disney. He also had plenty of other compensation from the company as well as tons of stock, though he sold none of it after he returned to the company in 1997, according to Apple.
The raise puts Cook’s base salary at the high end of fellow tech CEOs. Microsoft’s Steve Ballmer made $682,500 in base salary in 2011, Oracle’s Larry Ellison makes a Jobs-like $1 a year (again this does not include bonuses or other awards). Former IBM CEO Sam Palmisano’s salary was $1.8 million in 2011.
We want to remind our readers that Apple has also given some of its stocks to Tim Cook, to ensure his long stint with the company.
Source: Giga Om