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Stock awards give Tim Cook a huge income boost compared to 2020

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According to a document filed by Apple with the U.S. Securities and Exchange Commission, Tim Cook has received a huge boost to his wealth thanks to him receiving stock awards valued at over $82 million. When taking his salary, stock awards, non-equity incentive plan compensation, and all other compensation into consideration, Tim Cook’s pay totalled $98.7 million in 2021, up from $14.7 million in 2020.

The figure outlined above is referred to as the CEO’s compensation. When you apply the same fields to other Apple employees, the median pay at Apple was $68,254; this means that Cook is paid around 1,447 times more than the median pay. The median pay in 2020 came in at $57,783 and Cook’s pay that year was 256 times that.

While Apple launched many successful products under Steve Jobs such as the iPhone and iPad, under Tim Cook’s leadership the firm has expanded into the smart home and smartwatch space and has passed market cap milestones of $1 trillion, $2 trillion, and most recently, $3 trillion. In fact, with the latest market cap milestone, Apple is now worth more than Boeing, Coca-Cola, Disney, Exxon-Mobil, McDonald’s, Netflix, and Walmart put together.

According to Reuters, Tim Cook was awarded more than 333,000 restricted stock units in September for the first time since 2011 and depending on his performance, will receive additional units in 2023.

Via: Reuters (Yahoo Finance)

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