The median salary of Apple employees was $ 68,254 in 2021. Tim Cook’s was 1,477 times higher in the past year!
Apple does not know the crisis, just like the remuneration of Tim Cook. Indeed, the boss of the Apple brand received $ 98.7 million as part of his duties in 2021, against “only” $ 14.8 million the previous year, according to documents submitted by the giant Californian to the SEC (Securities and Exchange Commission), the US stock market policeman. By comparison, the median salary of Apple employees was $ 68,254 in 2021. That of Steve Jobs’ successor was therefore 1,477 times higher.
For several years, Tim Cook’s base salary has been set at $ 3 million, but it is at the level of his stock options that the boss of the Cupertino company has hit the jackpot. Indeed, they enabled him to recover an additional 82.3 million in 2021. It is not a surprise insofar as Tim Cook had benefited from a share allocation plan when he took office, which provided that he would only take possession of the shares after 10 years at the head of the company. This summer, he took the opportunity to receive and then sell 5 million shares which brought him 751 million greenbacks. To obtain this bonus, it was necessary that the growth of the stock price of Apple during the last three years exceeds that of two-thirds of the companies of the S&P 500. Challenge met with the manner for the brand with the apple.
In addition, the leader also received 12 million dollars more last year, in connection with the performances achieved by the company. The latter saw its turnover increase 33% in 2021 to reach 365.8 billion dollars, while operating income soared 64% at the same time to 108.9 billion dollars. of dollars. In addition, Apple also paid Tim Cook $ 1.4 million to keep him safe and take care of his private jet travel.
Over $ 2.5 trillion earned on the stock market in 10 years
Tim Cook’s exceptional compensation in 2021 rewards his 10 years at the head of the Californian company. Appointed boss of the fruity brand in August 2011, the former lieutenant of Steve Jobs has embarked on a diversification strategy to transform the group into a service company, revised upwards the price list for its flagship product, the iPhone, and launched popular accessories like AirPods and Apple Watch. This strategy, although not spectacular, has largely borne fruit, which has been felt in the financial and stock market performance of the group. While weighing $ 345 billion on the Nasdaq when Tim Cook took office, the US giant saw its market capitalization briefly surpass the $ 3 trillion mark for the first time in its history a few years ago. days.
Tim Cook was well rewarded last year for his service to Apple, but the other executives of the firm, with a base salary set at $ 1 million, also received good salaries in 2021. In the documents handed over to the SEC, we learn that Luca Maestri, the CFO, earned $ 27 million, as did Kate Adams, the legal director, Deirdre O’Brien, the head of retail and HR, and Jeff Williams, the boss of the operations division.