Apple’s annual regulatory filings show that their CEO, Tim Cook, took a 99 percent pay cut for his 2012 salary, mostly because he did not take stock options for the year.
The Apple CEO’s salary was $4.17 million for 2012, in comparison to a $378 million salary from 2011. The difference, however, is mostly because of stock options given in 2011, which will be given out over the course of 10 years.
The International Business Times reports that Cook’s salary for this year was comprised of a basic salary of $1.36 million, plus $2.8 million in incentive plan compensation.
Cook’s pay in 2011 made him the CEO with the highest salary for the year, though he will not actually see the money until August 2016 when he is allowed to cash in the first half of the one million shares given to him. Assuming he is still CEO in 2021, he will be able to cash out the final half.
Bloomberg notes that Apple also gave pay increases to several other senior executives in 2012. Peter Oppenheimer, the company’s Chief Financial Officer, was given a $68.6 million salary this year, including stock awards valued at $66.2 million.
Bob Mansfield, Apple’s senior vice president of technologies, was also given stock valued at $83.1 million, making his yearly salary $85.5 million. Apple’s stock has seen a 27 percent increase in value this year, despite a massive fall in September.
Several setbacks by Apple, including their disastrous iOS6 Maps application, have led experts to believe that the company’s stock will not be valued at $1,000 per share next year, unlike initial estimates. The company’s stock will likely end the year around $510 per share, down from September’s record high of $700.