Apple's Tim prepare dinner paid $102m this 12 months together with bonuses worth $98m

Apple’s chief government, Tim cook dinner, was paid $102m (£76m) this yr after gathering a large share bonus linked to the iPhone maker’s inventory market performance.

Prepare dinner used to be paid a general salary of $three.06m, a money bonus of $9.3m (up from $5.4m final yr), and collected share awards worth $89m taking his whole 2017 payout to $102m, Apple disclosed in a regulatory submitting.

The bonus of 560,000 shares paid out in September. Prepare dinner obtained half of the award on account that Apple’s stock delivered shareholder returns in the prime third of the ordinary & terrible’s 500 index in the course of the prior three years. He acquired the other 280,000 shares for without difficulty staying within the job.

The stock package awarded to cook when he grew to be chief government in 2011 used to be firstly valued at $376m, but is now worth way more considering the fact that Apple shares have elevated six-fold because he signed the deal.

As long as he remains the boss, prepare dinner will acquire 560,000 shares of inventory annually unless 2020. He'll then get 1.26m shares in August 2021 because the ultimate payment below his customary contract.

Apple’s filing additionally revealed that it requires prepare dinner to travel by personal plane “for all business and personal journey” for protection causes. Cook dinner’s use of the confidential jet for his vacation trips rate the enterprise $93,000. The rate of his individual security element was once $224,000.

Prepare dinner collected a different $104,000 in “trip money out”, and his basic $3m income used to be elevated to $3,057,692 “on account that 2017 was a 53-week fiscal yr, the 2017 income quantities replicate an extra week of pay”. That additional week’s pay is rather greater than the median US annual family earnings of $56,516, in step with the united states Census.

Prepare dinner’s top 5 lieutenants were paid about $24.2m every. Luca Maestri, chief monetary officer; Angela Ahrendts, head of retail; Johny Srouji, head of hardware science; Dan Riccio, head of hardware engineering; and Bruce Sewell, the outgoing basic tips, collected $20m in share awards, cash bonuses of $three.1m and normal pay of just over $1m.

The amount paid to Jony Ive, the corporation’s British chief design officer, used to be not integrated in the filing.

Apple’s shares have expanded through greater than 200% given that cook dinner grew to become chief govt in August 2011, quickly earlier than founder and previous chief government Steve Jobs died.

The shares peaked at $176.Four on 18 December however have seeing that weakened moderately to $170.60 following reviews of weaker than expected demand for its new $999 iPhone X.