Date
18 December 2017
Tim Cook has a lot to smile about. Photo: Bloomberg
Tim Cook has a lot to smile about. Photo: Bloomberg

Apple gives Tim Cook 43% pay raise

Apple’s board has raised the salaries of its executive team after the iPhone maker’s share price hit an all-time high last year, the Financial Times reported.

Chief executive Tim Cook received a 43 per cent raise in basic salary to US$2 million from US$1.4 million. His total compensation more than doubled to US$9.2 million.

His pay increase was his first since November 2011, when he was appointed to the job.

Cook stands to receive a further US$197 million in restricted stock between now and 2021 if he remains at the company and Apple meets certain performance criteria, the report said.

The rest of Apple’s executive team received a 14 per cent increase in basic pay, to US$1 million, from US$875,000, as well as a doubling of their maximum potential bonus to 400 percent of their salary.

The bonuses are subject to performance criteria, including net sales and operating profits. Apple’s financial results exceeded its goals last year.

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