Reuters: Technology News: Apple CEO's pay package drops 99 percent from 2011

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Apple CEO's pay package drops 99 percent from 2011 Dec 27th 2012, 18:12 Tweet Share this Email Print Related News Apple's iPhone 5 starts strong in China but shares pressured Mon, Dec 17 2012 Wall Street succumbs to Apple's fall, "cliff" uncertainty Fri, Dec 14 2012 Big tech boosts S&P 500 to best close since election Tue, Dec 11 2012 Apple's shares swallow biggest loss in four years Wed, Dec 5 2012 Dow, S&P rise, but Nasdaq sours with Apple in wild day Wed, Dec 5 2012 Analysis & Opinion Counterparties: Return of the Mac Is executive insider trading a problem? Related Topics Investing Simplified » Tech » iPad » Apple CEO Tim Cook speaks to the audience during an Apple event in San Jose, California October 23, 2012. Credit: Reuters/Robert Galbraith NEW YORK | Thu Dec 27, 2012 1:12pm EST NEW YORK (Reuters) - Tim Cook has finally made it to the top at Apple Inc, but in his first full year as CEO his pay package shrank about 99 percent. Cook, the successor to the late Steve Jobs, was awarded total compensation of $4.17 million in 2012, down from $378 million in 2011, Apple said in a federal filing on Thursday. The 2012 compensation package for Cook, who took over as chief executive in August 2011, also seemed a pittance compared with his 2010 pay, which was 14 times higher, when the executive served as chief operating officer. Jobs, the iconic CEO and co-founder, died in October 2011 of pancreatic cancer. The maker of the iPhone and iPad noted that Cook will not receive any stock awards for 2012 after he was given about $376.2 million in stock awards the year before. The stock awards vest over many years. The 2012 package includes a salary of $1.4 million and a nonequity bonus of $2.8 million, according to the filing. Cook's base salary actually increased compared with the $900,000 he earned in 2011. While Apple's shares are 35 percent higher than when Cook assumed the CEO role, they have fallen more than 27 percent since October when they hit a $700.10 high. Apple shares were down 0.6 percent at $509.85 on the Nasdaq late on Thursday morning. (Reporting by Sinead Carew and Liana Baker; editing by Kenneth Barry and Matthew Lewis) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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