Tim Cook Received A Compensation Of Almost $100 Million In 2021
Cook's filing on January 7, 2022 shows that he almost earned $100 million last year thanks to the stock awards which helped him earn that much in 2021. With the current pay of Tim Cook, he has earned about 1447 times than that of the average employee at their company. The median pay for Apple employees in 2021 shows that they earn about $68,254, while they earn about $57,783 in 2020.
Cook’s salary remained at $3 million, however he received about $82.3 million in stock awards, another $12 million for being able to hit the target of their company sales, and about $1.4 million allowance for air travel, insurance premiums and others. All in all, he earned $98.7 million in 2021 alone, the previous year, he only earned about $14.8 million in 2020.It was reported in 2020 that generally, the CEOs in United States are paid at least 351 times more than a typical worker. This was shown on the report that was released by Economic Policy Institute. The compensation for CEOs roughly grew about 60% faster than that of the stock market. However, there is a slow growth of only 18% in a typical worker’s annual pay since 1978.
It was Cook who took the helm when the company's co-founder Steve Jobs has stepped down in August 2011 which was just months before his death. Comparing to the stocks back then until today, it surged to about 1000% since Cook took over the company. It was in September of 2011 that Cook received 333,987 restricted stock units which was his first stock grant which was part of long-term equity plan. He will be eligible to receive additional units next year. Although his wealth may seem a lot, but Cook said in his Fortune Magazine interview in 2015 that he will be donating his entire wealth to Charity.
Apple Inc. has benefited from the insane demand for the latest iPhone over the last two years despite different Smartphone companies upping their game. One factor for the surge on the demand for the iPhone gadgets is due to the fact that a lot of people working from home are splurging on their gadgets with a major upgrade. Over the last year, Apple’s revenue rose to about 30% which is about $365.82 billion for its fiscal 2021. The shares of the company even briefly crossed the $3 trillion mark in the in market capitalization in 2022.
Sources: The Verge, News Break, Variety, Economic Policy Institute
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