Apple CEO Tim Cook receives $4.25 million in salary and bonus for fiscal year 2013
Cupertino-based Apple Inc. chief executive Tim Cook received $4.25 million in salary and bonus for the fiscal year ended September 28. This is a little change from Cook's salary of $4.17 million the previous year.
Wall Street Journal, citing Apple's proxy filing on Friday, said that Cook didn't receive stock-based compensation in either year. He was awarded one million restricted Apple shares in August 2011, when he replaced Steve Jobs as the company's CEO. The shares back then were valued at $376 million.
In June, Apple's board changed the vesting terms of those shares to tie roughly one-third of them to the company's performance, instead of merely the duration of Cook's tenure, the report said.
Under the new terms, Cook will only receive the full one million shares if Apple's stock outperforms two-thirds of the other stocks in Standard & Poor's 500-Stock Index in each year, WSJ said. The S&P 500 is one of the most commonly used benchmarks for the overall US stock market, according to Investopedia.
In its fical fourth quarter ended September 28, Apple earned $7.5 billion in net income and reported a cash position of about $147 billion, the report said.