- January 7, 2021
- Posted by: Stratford Team
- Category: Business
Apple’s strong showing in the stock market in 2020 has lined the pockets of its top executives.
CEO Tim Cook saw his cash bonus grow 40 percent to $10.7 million thanks to the company exceeding financial targets, with his total compensation clocking in at $14.8 million.
Cook, who took the top job at the iPhone maker in 2011 shortly before the death of Apple co-founder Steve Jobs, also had $282 million worth of stock vest over the past year.
Apple shares skyrocketed 78.4 percent in 2020, thanks in part to the launch of the iPhone 12 line which was the most anticipated in years thanks to the phones’ all-new designs and includion of 5G technology.
Apple also saw sales of its iPads and Macs increase significantly thanks to the coronavirus pandemic, with stuck-at-home consumers buying new gear as they transitioned to working remotely.
The stock surge saw Cook’s net worth surpass $1 billion in August, landing him among an rare group of billionaire CEOs who did not start the companies they lead.
CFO Luca Maestri, retail chief Deidre O’Brien and COO Jeff Williams all brought home $26.2 million apiece, albeit with much smaller stock awards.
The company is also making some changes moving forward. Apple said that it will adjust the cash bonuses that its executives receive based on how their environmental footprint aligns with the company’s values.
The modifications could add or remove 10 percent from an executive’s total bonus, and will be measured against Apple’s listed values, which include using recycled materials in products, fostering diversity in its workforce and focusing on customer privacy in its devices.
“Beginning in 2021, an environmental, social, and governance modifier based on Apple Values and other key community initiatives will be incorporated into our annual cash incentive program,” Apple’s filing said.