Apple executives, including CEO Tim Cook, get pay raises: new filing

Karl Mondon/Bay Area News Group Apple CEO Tim Cook at an Apple event in Cupertino. Some top bosses at Apple landed pay raises during in 2018, including the company’s chief executive officer, according to a new regulatory filing on Tuesday.

CUPERTINO — Some top bosses at Apple landed pay raises during 2018, including the company’s chief executive officer, according to a new regulatory filing on Tuesday.

Tim Cook, the chief executive officer, was awarded $15.7 million in total direct compensation in the company’s 2018 fiscal year, up 22.3 percent from the $12.8 million Cook received in 2017, a proxy statement with the Securities and Exchange Commission showed.

Chief Financial Officer Luca Maestri was awarded $26.5 million in total direct pay in fiscal 2018, which was 9.8 percent higher than the $24.1 million he received the year before.

Angela Ahrendts, Apple’s senior vice president retail, was awarded $26.5 million, up 9.6 percent from the year before.

Over the 12 months that ended in September, Apple earned $59.53 billion on revenue of $265.59 billion, according to the Yahoo Finance site.

Kate Adams, the company’s general counsel, received $26.7 million in total direct compensation.

Jeff Williams, chief operating officer, was awarded $26.5 million in total pay.

Cupertino-based Apple didn’t disclose the prior year compensation amounts for either Adams or Williams.

Cook didn’t receive any stock awards as part of his compensation package in 2018, the filing showed. However, Maestri, Adams, Ahrendts and Williams each received roughly $21.5 million in stock awards last year.

Some Apple executives harvested some mega windfalls through gains from the sale of stock packages they had previously been awarded.

CEO Cook was by far the biggest winner in terms of gains from stock sales, and Cook captured $121 million from selling stock.

Williams realized $43 million in gains from selling stock, Maestri harvested $37.6 million, Ahrendts gained $36.3 million, while Adams captured a $2.7 million gain from stock sales, according to the SEC filing. All of the transactions reflected the sale of restricted stock units.

Source: mercurynews