Technology giant Apple, Inc. (AAPL) revealed in a regulatory filing on Friday that Chief Executive Officer Timothy Cook received a 2013 total compensation that was 2 percent higher than last year.
Cupertino, California-based Apple revealed this in an annual preliminary proxy statement filed with the U.S. Securities and Exchange Commission on Friday.
Cook, who has led Apple for more than two years since August 2011, received a total compensation of $4.25 million, including base salary, incentives and other compensation in 2013, compared to the $4.17 million he received last year, and the hefty $378 million he got in 2011, which included an award of one million Apple shares amid his promotion to the top post that have since risen in value.
The total compensation received by Cook in 2013 includes $1.40 million as salary, non-equity incentive plan compensation of $2.80 million, and all other compensations totaling 0.53 million.
Cook's salary was up compared to $1.36 million in 2012 and $0.9 million in 2011. There were no stock awards, and non-equity incentive plan compensation remained unchanged. However, all other compensations were up 4.5 percent. None of the Apple executives, including Cook, were granted stock awards in 2013.
At Cook's request, the Compensation Committee began this initiative in 2013 by amending his 2011 Restricted stock units or RSU, award to include performance-based vesting conditions with no upside opportunity.
The base salaries for most of the executive officers other than Cook were increased to $875,000 from $800,000 in 2013 following the company's announcement of changes to the executive team.
Cook was promoted to CEO in August 2011 just a month before Apple co-founder Steve Jobs died. At that time, the board granted Cook one million RSUs as a promotion and retention award. Fifty percent of the RSU award is scheduled to vest on August 24, 2016, and the remaining fifty percent is scheduled to vest on August 24, 2021. Cook's base salary of $1.40 million has remained the same since November 2011.
Cook, age 53, has served as CEO since August 2011 and and was previously the company's chief operating officer since October 2005. He joined the company in March 1998 and served as executive vice president of worldwide sales and operations from 2002 to 2005. In 2004, his responsibilities were expanded to include the Company's Macintosh hardware engineering.
From 2000 to 2002, Cook served as senior vice president of worldwide operations, sales, service and support. He also served as senior vice president of worldwide operations from 1998 to 2000. He has served as a director of Nike, Inc. (NKE) since November 2005.
The Apple Board has nominated each of the company's directors for re-election at the Annual Meeting on February 28, 2014.
One of the proposals set for a vote is submitted by activist investor Carl Icahn, who wants Apple to add $50 billion to its stock buyback program. Apple has recommended that shareholders reject the non-binding proposal. He had initially called for a $150 billion repurchase program.
AAPL closed Friday's regular trading session at $560.09, down $3.81 or 0.68% on a volume of 8.07 million shares.
by RTT Staff Writer
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