Apple CEO Tim Cook, who took over at the helm of the company from the late Steve Jobs in October 2011, has seen a huge reduction in his pay package for 2012 according to a federal filing by the company late last week.
Cook’s package has been reduced by around 99% compared to the money that the CEO pulled down by the end of 2011, dropping from $378 million last year to a mere $4.17 million.
The drop is the result of Cook not receiving stock awards for 2012, having received over $375 million in stock in 2011. Cook’s base salary for this year was $1.4 million, according to the filing, and he was awarded a bonus of $2.8 million. Tim Cook’s base salary increased by around $900,000 compared to 2011.
Source: The Guardian