Apple CEO Tim Cook paid $4.16 million
Apple Chief Executive Officer Tim Cook received compensation for 2012 valued at $4.16 million after receiving one of the biggest payout packages on record last year.
The total includes $1.36 million in salary and $2.8 million in incentive-plan compensation for the fiscal year that ended in September, Apple said Thursday in a regulatory filing.
Cook, who succeeded Apple co-founder Steve Jobs as CEO last year, has in the past several months led an overhaul of Apples entire product line, including the introduction of a new iPhone, iPads and Mac computers. He received 2011 compensation of $378 million, one of the biggest pay packages on record, boosted by $376.2 million in stock awards that hell get over a decade.
It pales by comparison because last years million-share grant was highly extraordinary, said Brian Foley, a compensation expert with Brian Foley & Co. There are other executives who remain unnamed at other companies who would be tempted to go for every last candy in the dish.
Apple also awarded pay increases to several senior executives. Chief Financial Officer Peter Oppenheimer received 2012 compensation valued at $68.6 million, up from $1.42 million a year earlier. His 2012 stock awards are valued at $66.2 million.Deputies salaries
Bob Mansfield, the senior vice president of technologies, received $85.5 million, including $83.1 million in stock. Cook asked Mansfield, who was formerly in charge of hardware engineering, to come out of retirement amid a management shakeup earlier in the year. Mansfields stock options are vesting more quickly than other executives, said Foley.
He was threatening to retire, and from a bench strength, leadership view point they decided they couldnt afford to have him leave, Foley said.
Jeff Williams, the senior vice president of operations who manages Apples supply chain, received $68.7 million. Bruce Sewell, the companys general counsel who has managed Apples patent litigation, received $69 million, compared with $1.41 million in 2011, according to the regulatory filing.
Cooks base salary in 2011 was $900,000. His total compensation in 2011 put him ahead of the highest-paid CEOs at the time, according to Equilar Inc., which tracks executive compensation. Oracle CEO Larry Ellison received 2011 compensation valued at $77.6 million. At Microsoft, Steve Ballmers pay package was worth $1.38 million.
Amazon paid CEO Jeffrey Bezos a salary of just $81,840 in 2011 and no stock awards, making him the lowest paid among large technology companies.Maps setback
Cook faced a setback recently when users and critics faulted Apples map application, forcing the company to let Googles map app back onto the iPad and iPhone devices.
The companys stock has dropped 28 percent from Septembers record of $705, building pressure on Cook to introduce a new hit product and fend off Google and Samsung Electronics.
Apple stock closed up less than 1 percent Thursday, ending the day at $515 a share. Even with the decline since September, the stock is up 27 percent for this year.
At least five analysts have cut their price targets for Apple since Dec. 16, with some saying Apples purchases from suppliers indicate iPhone and iPad sales may not meet projections. The reports mark a reversal from earlier this year, when analysts were racing to issue upbeat predictions, with at least two saying Apple would top $1,000.
Ville Heiskanen and Adam Satariano are Bloomberg reporters. E-mail: firstname.lastname@example.org, email@example.com