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Apple CEO Tim Cook's 2012 pay package drops 99 per cent from 2011

Associated Press
Dec 28, 2012 at 12:09pm IST

New York: Apple CEO Tim Cook got $4.2 million in pay for the latest fiscal year, a modest sum compared with last year, when the company's board set him up with stock now worth $510 million for taking the reins in 2011.

Cook's pay for fiscal 2012, which ended in September, consisted of $1.4 million in salary, a bonus of $2.8 million, and $17,000 in company contributions to his 401(k) account and life insurance premiums, according to a filing.

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Apple's board saw no need to give Cook additional shares in 2012 after the sign-on grant of 1 million shares in 2011. Half of those shares vest in 2016 and the other half in 2021. A lot could happen to the value of the shares before Cook can cash them out, but the sign-on grant made him - at least on paper - the highest-paid US CEO in 2011.

Apple CEO Tim Cook's 2012 pay package drops 99 per cent

Apple CEO Tim Cook got $4.2 million in pay for the latest fiscal year.

Cook did vest into shares worth $140 million in 2012. Those shares were granted earlier, when he was chief operating officer. He had been acting CEO for a while before the death of company co-founder Steve Jobs in October of 2011.

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Apple tends to grant shares to executives every other year. Cook's closest cohorts got big grants in 2012, including top hardware engineer Robert Mansfield, who got shares worth $83 million. Chief Financial Officer Peter Oppenheimer and general counsel Bruce Sewell both got stock grants worth just over $66 million, more than double the value of the grants they got two years ago, reflecting the zooming value of Apple's stock.

The Cupertino, California-based company's compensation policies are relatively simple. Missing are many of the perks that other CEOs command, like country club fees and private use of company aircraft.

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