Tim Cook forced to defend his 99 Million Dollars Pay Package

Apple boss, Tim Cook is being forced to defend his remuneration at the world’s most valuable company after a top shareholder advisory group recommended that Apple investors vote against his $99mn pay and bonuses package.⁠

The chief executive last year received stock awards valued at $82mn at the time of the grant on top of a $12mn cash bonus and $3mn salary. His pay package also included $630,630 in personal security costs and $712,488 for personal use of a private jet — perks that Institutional Shareholder Services said ‘significantly exceeded’ comparable companies last year — taking Cook’s total for 2021 to $98.7mn.⁠

But our Lex team believe he’s worth every penny. ‘Cook’s demonstrated his worth. He has presided over a transformation few thought possible. Since he took over from Apple’s co-founder Steve Jobs in August 2011, annual sales have tripled. The company’s enterprise value has grown from less than $300bn to $2.7tn.’

Leave a Reply

Your email address will not be published.