Thursday, December 27, 2012

Downer: Why Apple’s CEO Pay Dropped By More Than $370 Million

Apple shares have stumbled since peaking in late September, but by almost every other metric the company had a blockbuster year in 2012. Forbes says that is reflected in the richer pay packages awarded to most of the company’s senior executives, with the exception of Chief Executive Tim Cook.

CFO Peter Oppenheimer, technologies chief Robert Mansfield, general counsel Bruce Sewell and operations head Jeffrey Williams will each bring home more than $68 million in total compensation in 2012, while Cook will take home a paltry-by-comparison $4.2 million. The figures turned up Thursday in a preliminary proxy statement the Cupertino, Calif. company filed with the SEC.

The reason is by no means a reflection of a bad job by Apple’s boss. When Cook was promoted to CEO in August 2011 — shortly after Steve Jobs stepped down and weeks before his death — the new chief was granted 1 million restricted stock units with a 50/50 vesting schedule five and ten years after the grant date.

No comments:

Post a Comment