Apple CEO Takes 99% Pay Cut
Apple CEO Tim Cook will see “only” $4.17 million this year, a 99 percent deduction compared to 2011’s $378 million compensation, due to a lack of stock awards, Forbes reports.
As part of his pay package last year, Cook received $376.2 million in stock awards that he’ll get over the course of a decade. He received none this year which explains the seemingly drastic pay cut, although that actually isn’t the case at all, “it’s just a function of how pay has to be reported. His restricted stock (that $376 million) has to be reported in the company accounts as having been pay for last year.”
Don’t feel too bad for the guy. Despite the fact the his compensation took such a hit, those stock awards are now valued at $750 million.
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