Apple CEO Tim Cook earned more than $14 million in salary in 2020 according to the 2020 proxy statement that Apple filed with the SEC this afternoon.
Cook earned a base salary of $3,000,000 in addition to $10,731,000 in incentives awarded for performance. Apple’s performance exceeded the target performance goals for net sales and operating income, leading to a total payout of 179 percent of the total payout opportunity for Cook and other Apple executives.
Cook also received $1,038,259 in “other compensation” for a total of $14,769,259. This includes $17,100 in 401(k) contributions, term life insurance payments, a $115,385 vacation cash out, security expenses in the amount of $470,246, and $432,564 in personal air travel expenses. Apple requires Cook to use a private airplane for security reasons.
In 2019, Cook earned $11.5 million, receiving less under Apple’s incentive plan compensation. Cook’s 2020 compensation package does not include stock benefits. Cook in September received restricted stock units worth more than $100 million to ensure that he remains Apple’s CEO through 2025. Cook also sold $131.7 million in Apple stock in August 2020.
Over the course of 2020, Cook’s net worth climbed to over $1 billion, according to calculations from Bloomberg.
Other Apple executives, including Luca Maestri, Kate Adams, Deidre O’Brien, and Jeff Williams received over $26 million each.
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