- Tim Cook’s total compensation for 2018 was close to $15.7 million.
- In addition to a base salary of $3 million, Cook’s compensation included an incentive payout, retirement fund contributions, personal security services and private air travel.
- Other Apple executives received compensation packages worth $26.5 million or more.
2018 was a historic year for Apple — in August, the tech company became the first U.S. public company to reach a $1 trillion market cap. In addition, Apple’s net sales grew by $36.4 billion to $265.6 billion, and operating income grew by $9.6 billion to $70.9 billion, which represented a 16 percent year-over-year increase in both measures, the company stated in a Securities and Exchange Commission filing released on Jan. 8, 2019.
And it seems CEO Tim Cook was handsomely rewarded for these financial feats at Apple.
Tim Cook’s 2018 Compensation at Apple: $15.7M
So how much does Tim Cook make? The Apple CEO received about $15.7 million as compensation for the year, according to the SEC filing. That includes his salary of $3 million, a $12 million payout pegged to company performance numbers, plus $16,500 in 401k contributions, about $3,000 in life insurance premiums, nearly $58,000 in vacation cash-out, roughly $311,000 for personal security services and over $294,000 for personal air travel expenses. (Per the filing, Cook only flies private as a security measure.)
The nearly $15.7 million package marks a pay increase of about 22 percent from 2017, when Cook’s compensation totaled $12.8 million.
Check Out: The Highest-Paid CEOs of 2018
Tim Cook’s Pay vs. the Average Apple Employee’s
The filing also notes that Cook’s pay is 283 times that of the average employee’s salary at Apple, with the median employee compensation for the year at $55,426.
But despite sitting at the top spot, Cook actually earned less in 2018 than other members of the executive team. Chief Financial Officer Luca Maestri, Senior Vice President of Retail Angela Ahrendts and Chief Operating Officer Jeff Williams all received a base salary of $1 million and a total compensation package amounting to $26.5 million, and general counsel Kate Adams received a base salary of $884,615 and a total compensation of $26.7 million. All four received stock rewards worth more than $21 million each. Maestri’s and Ahrendts’ compensation went up nearly 10 percent from 2017 to 2018.
“Our executive compensation program is designed to motivate and reward exceptional performance in a straightforward and effective way, while also recognizing the remarkable size, scope and success of Apple’s business,” the company stated in the filing. “Apple delivered a year of extraordinary performance and reached many significant milestones in 2018. … We believe the compensation paid to our named executive officers for 2018 appropriately reflects and rewards their contributions to our performance, and is aligned with the long-term interests of our shareholders.”
Learn more about the cost of the most noteworthy Apple products through the years.
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