Apple CEO sees pay more than double to $12.4 million as stock hits records

Mr Tim Cook's package includes salary of US$1.75 million and US$6.7 million in non-equity incentive compensation for the fiscal year that ended in September. -- PHOTO: REUTERS
Mr Tim Cook's package includes salary of US$1.75 million and US$6.7 million in non-equity incentive compensation for the fiscal year that ended in September. -- PHOTO: REUTERS

SAN FRANCISCO (BLOOMBERG) - Apple Inc chief executive officer Tim Cook received compensation valued at US$9.22 million (S$12.35 million) last year, more than double his pay in 2013, as optimism for new products pushed the iPhone maker's stock to a record.

Mr Cook's package includes salary of US$1.75 million and US$6.7 million in non-equity incentive compensation for the fiscal year that ended in September, Apple said on Thursday in a filing with the US Securities and Exchange Commission. Mr Cook was granted a pay package valued at US$4.25 million in 2013.

Confidence in Apple has grown since Mr Cook unveiled larger- screened iPhones in September and slimmer, faster iPad tablets in October. The company's stock rose as high as US$119.75 in November, sending its market capitalization to more than US$700 billion, a milestone that no other US company has reached.

Mr Cook also rolled out a mobile-payment system called Apple Pay, and this year will debut the company's first smartwatch.

Apple forecast  in October that revenue in the final three months of 2014 would be US$63.5 billion to US$66.5 billion. That would exceed Apple's holiday sales of US$57.6 billion for the end of 2013. The company will report first-quarter earnings on Jan 27.

Apple finished fiscal 2014 posting full-year net income of US$39.5 billion, an increase from US$37 billion in 2013.

Mr Cook, who joined Apple in 1998, was named CEO in August 2011 to succeed co-founder Steve Jobs, who died later that year.

Mr Cook received compensation in 2011 of US$378 million, one of the biggest pay packages on record, boosted by US$376.2 million in stock awards that he will get over a decade.