Salaries and bonuses received by the CEO of Apple, Tim Cook has decreased. However, income from the sale of shares jumped dramatically.
Cook get a salary of $ 3 million and received $ 5.37 million cash bonus, bringing his salary to $ 8.75 million, the proxy statement filed today, and seen by SiteProNews, revealed. Most of that money, roughly $ 136 million came from vested shares - shares he submitted when he signed up to be the CEO of the iPhone maker.
Although the value of the shares is not included in the filing, is expected to Cook restricted stock would be worth about $ 665 million after it is fully vested.
Salaries and bonuses for all executives of Apple fell after the company reported lower sales and earnings in the fiscal year ended until September 2016.
However, Cook received a total of US $ 136 million from the sale of shares. The information contained in the submission filed with the US financial regulator, Securities and Exchange Commission.
Cook became Apple's CEO since August 2011. As part of his contract, he was awarded shares in the company that can only be "vested" or sold at a set time. That's what now makes its overall revenue of nearly US $ 145 million.
Each of the other Apple executives including Apple's financial director Luca Maestri and Senior Vice President of Retail Apple Angela Ahrendts received a salary of nearly US $ 23 million, down from 2015 amounting to US $ 25 million.
In 2016, Apple reported net sales of US $ 215.6 billion, or 7.7 percent lower than 2015. Operating income amounted to US $ 60 billion, or 15.7 percent below the previous year's achievement. Cook's own basic salary of US $ 3 million and an annual base salary for each of the other executive officers of US $ 1 million.