Apple CEO's pay takes big hit after record 2011 package
NEW YORK (REUTERS) - Apple Inc CEO Tim Cook's 2012 compensation package of just over US$4 million (S$4.9 million) is a huge cut on paper for the top executive of the most valuable United States (US) corporation, after a 2011 package fattened by more than US$376 million in long-term stock awards.
Mr Cook received the largest single pay package awarded to a company chief executive officer (CEO) in about a decade when he replaced Apple's legendary co-founder, Mr Steve Jobs, shortly before Jobs' death in October 2011.
The maker of the iPhone and iPad made the 2012 compensation disclosures in a regulatory filing on Thursday. Mr Cook, who is in his early 50s, joined Apple in 1998 and became CEO in August 2011.
Virtually all of Mr Cook's $376 million bonus in 2011 was in stock awards that will vest in two chunks - one in 2016 and the other in 2021. This structure was intended to keep Jobs'longtime lieutenant at the helm for many years.