Apple Inc. (AAPL) Chief Executive Tim Cook received $4.17 million in total compensation in 2012, sharply lower than what he earned in the prior year, when the tech giant handed him significant stock awards amid his promotion to the top post.
In 2011, Tim Cook received total compensation of about $378 million, mainly due to an award of one million Apple shares that have since risen in value.
In a regulatory filing Thursday, Apple said that out of the $4.17 million compensation Tim Cook received in 2012, the salary component came to about $1.36 million, up from $0.9 million in 2011. The remainder consisted of non-equity incentive totaling $2.8 million.
Apple said it surpassed key performance goals and that each executive officer received the maximum payout of twice the person's base salary under the bonus plan.
The regulatory filing also showed executives who saw sharp escalation in their pay package in 2012 as a result of hefty stock awards. Apple Chief Financial Officer Peter Oppenheimer received total compensation of $68.6 million in the year, up from $1.4 million in 2011.
Robert Mansfield, Apple Senior Vice President, Technologies, was awarded a compensation of $85.5 million, while General Counsel and Secretary Bruce Sewell received $69 million, up from $1.4 million in the prior year. Senior Vice President of Operations Jeffrey Williams received $68.7 million.
Apple said it has nominated all eight of its directors to continue on the board.
Interestingly, Apple said that a shareholder suggested the creation of a board committee on human rights, as reports emanate about bad working conditions at Apple's suppliers. Apple has rejected the proposal.
Apple closed Thursday at $515.06, up 0.40%, on a volume of over 16 million shares on the Nasdaq. In after hours, the stock dropped 0.11%. In the past year, its shares have traded in a range $400.51 - $705.07.
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