- Tim Cook received $98.73 million in total compensation in Apple’s fiscal 2021
- The sum included $82.35 million in stock awards, a $12 million bonus tied to performance targets and a $3 million base salary
- He reportedly earned $14.8 million in salary in 2020
Apple CEO Tim Cook’s compensation ballooned to nearly $100 million in 2021, a sixfold increase from the prior year.
The 61-year-old executive, who reportedly earned $14.8 million in 2020, received $98.73 million in total compensation in Apple’s fiscal 2021, according to an SEC filing published Thursday. The company’s fiscal year began in September 2020 and ran through September 2021.
Of this amount, $82.35 million came from stock awards. The sum also included a base salary of $3 million and a $12 million bonus for hitting Apple’s performance targets.
Cook also received $1.39 million in other compensation, including $712,488 in personal air travel, $630,630 in security, a $17,400 contribution to his 401(k) plan, $2,964 in life insurance premiums and $23,077 in vacation cash-out.
Despite the negative effects of the COVID-19 pandemic and supply chain issues, Apple reported 33% revenue growth and more than $365 billion in sales. The increase in annual sales reportedly stemmed from the strong demand over the past two years as consumers working from home splurge on upgrades.
Cook became CEO of Apple in August 2011 after the company’s late founder Steve Jobs stepped down. Jobs died of pancreatic cancer that October.
In 2021, Apple marked the 10th anniversary of Cook’s leadership as CEO.
In September last year, Cook reportedly received 333,987 restricted stock units, in his first stock grant since 2011 as part of a long-term equity plan. He will be eligible to receive additional units in 2023.
A report by Reuters noted that Cook’s 2021 pay was 1,447 times that of the average Apple employee.
In 2021, the median pay for employees was $68,254. In 2020, the median pay was $57,783, 256 times Cook’s salary, according to the publication.
Cook, who has already donated tens of millions of dollars to various charities, previously stated he plans to give away most of his fortune before he dies.
Cook’s net worth was $1.5 billion as of Tuesday, according to a Forbes estimate.
Prior to being named CEO, Cook was Apple’s senior vice president of worldwide operations. At the time, he was earning $500,000 per year. When he became CEO of Apple in 2011, Cook’s salary increased to $900,000 per year.
Between 2011 and 2020, Cook reportedly received $963.5 million in total compensation.