- Apple CEO Tim Cook got a big bonus in 2017, thanks to major gains in Apple’s stock price from the year before.
- Cook made a total of $US12,825,066 this year, up from $US8,747,719 in 2016.
- Over all, Apple’s top executives got 155.5% of their performance-based bonus. Last year, they only saw 89.5% of that bonus.
Apple CEO Tim Cook got a big raise in 2017, thanks in large part better-than-expected sales at the consumer electronic company.
Cook made a total of $US12,825,066 this year, according to a statement filed with the Securities and Exchange Commission on Wednesday. This is up from $US8,747,719 in 2016, and $US10,281,327 in 2015.
Of that total, only $US3,057,692 came from Cook’s base salary, which was about the same as the year before.
Most of his payment was in the form of non-equity incentive plan compensation, which is essentially a cash bonus for top executives. Cook made $US9,327,000 from these non-equity incentives – up from $US5,370,000 in 2016.
Apple’s executive compensation program is designed to reward its senior-level officials when the company does well, and dock them when it doesn’t. In 2016, missed targets meant Apple execs got only 89.5% of their potential cash incentive payouts for the year.
This year, however, the top brass got 155.5% of their target, thanks to a massive rebound to Apple’s business. In 2017, Apple booked $US229.2 billion in net sales, and $US61.3 billion in operating income, beating internal Apple estimates. That success led, in large part, to a 36.7% increase in Apple stock prices year-over-year.