Apple CEO earned 1447 times more than average earning of an apple worker in 2021
CEOs in USA were paid 351 times more than the typical worker in 2020
Apple Inc CEO
Tim Cook earned $98.7 million in 2021 which was 1447 times higher than average
wage of an Apple employee. In 2021, the median pay for employees was $68,254,
Apple said, adding it had selected a new median employee for comparison due to
changes in hiring and compensation. The median pay in 2020 was $57,783 and the
pay ratio was 256 times Cook's salary.
Cook’s salary
remained at $3 million, received $82.3 million in stock awards, $12 million for
hitting Apple's targets and $1.4 million for air travel, 401(k) plan, insurance
premiums and others. In total, he earned $98.7 million, compared with $14.8
million in 2020.
Cook took
the helm in August 2011 after the company's co-founder Steve Jobs stepped down
months before his demise. The stock has surged over 1,000 percent since Cook
took charge. In September, Cook received 333,987 restricted stock units, in his
first stock grant since 2011 as part of a long-term equity plan. He will be
eligible to receive additional units in 2023.
Cook’s 2021
compensation does not officially include over 5,000,000 shares of Apple that
vested in August 2021, worth over $754,000,000 at the time, according to the
filing. Those shares were granted back in 2011, around the time that Cook took
over as CEO.
The iPhone
maker has benefited from strong demand over the past two years as consumers
working from home splurged on upgrades. Apple's revenue rose more than 30% to
$365.82 billion for its fiscal 2021 and its shares briefly crossed $3 trillion
in market capitalisation this year.
CEOs in the
United States were paid 351 times more than the typical worker in 2020, a
report by the Economic Policy Institute showed, while the compensation of top
CEOs grew roughly 60 percent faster than the stock market from 1978 to 2020,
eclipsing the slow 18 percent growth in a typical worker's annual pay.
“It’s been a
remarkable decade for Apple and in 2021 Mr. Cook was granted an equity award
for the first time since he was promoted to CEO in August 2011,” Apple said in
the filing.
Apple also
said that the board’s compensation committee takes into account Apple’s
profitability compared to a basket of peer companies, including Alphabet,
Microsoft, Amazon, and Facebook parent Meta.
This year,
for compensation purposes, Apple added Tesla to a “secondary peer group” of
companies that have “iconic” brands and rely on significant research and
development for growth.
Post a Comment