Apple CEO Tim Cook received nearly $100 million in compensation during 2021’s fiscal year, a new financial disclosure shows.
Cook received a 2021 payout of $98.73 million, estimated to be more than six times larger than his pay of $14.8 million he received in 2020, according to a Securities and Exchange Commission filing published Thursday. The compensation comes after Apple reported 33% revenue growth and $365 billion in 2021 sales as the Big Tech company wrangles with its competitors’ ambitions.
The largest part of Cook’s compensation came through a series of stock awards provided by Apple. Cook received roughly $82.35 million in stock rewards from a five-year grant announced in September 2020, according to the filing.
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Cook was also paid $3 million in salary and received a $12 million bonus after helping Apple hit its financial and environmental sustainability goals, the filing reads.
Finally, Cook received $1.39 million in other forms of compensation, including $712,488 in personal air travel, $630,630 in security, a $17,400 contribution to his 401(k) plan, $2,964 in life insurance premiums, and $23,077 in vacation cash-out.
The company noted in the filing that it provided Cook additional compensation after 10 years of “exceptional leadership.”
“In 2021, we marked the 10th anniversary of Tim Cook’s leadership as CEO,” Apple said. “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. The structure of this award is better aligned with the performance-based and time-based RSUs awarded to our other named executive officers, while the amount recognizes his exceptional leadership and is commensurate with the size, performance, and profitability Apple has achieved during his tenure.”
Cook’s compensation doesn’t include 5 million shares that Apple vested in August 2021, which the filing values at $754,000,000 at the time.
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The CEO’s compensation is 1,447 times the median Apple employee’s total compensation of $68,254, reports the filing.
Cook played an integral part in recent years in helping Apple maximize profits. The tech executive helped Apple develop a secret $275 billion deal with the Chinese government to avoid the country’s strict technology regulations in exchange for relying on Chinese labor.
