The CEO of Apple Tim Cook (pictured) has taken a 99 percent pay cut, according to a regulatory filing
The boss of Apple Tim Cook has taken a huge pay cut for his 2012 wages, after he earned a record breaking salary package in 2011.
During 2012 the CEO’s wage package was cut by an astonishing 99 percent, according to the latest regulatory filing with the US Securities and Exchange Commission.
The filing revealed that Cook will receive only $4.17m (£2.6m) for the past 12 months. “The Company believes the compensation programme for the named executive officers is instrumental in helping the company achieve its strong financial performance,” stated Apple in its filing.
Before Apple fans begin to fret over possible belt tightening in the Cook household in the year ahead, it should be remembered he pocketed $378m (£235m) in 2011, a figure that was greatly inflated by the reward of lucrative stock options at the iPad maker.
It should also be noted that, in reality, Cook’s annual salary went up by nearly half a million dollars in 2012. This was because he was awarded a salary of $900,000 (£559,318) in 2011 but, in 2012, his salary went up to $1.36m (£850,000) plus $2.8m (£1.7m) from a separate incentive plan.
Jobs famously awarded himself the modest annual salary of just $1 (£0.62), but of course the Apple co-founder also owned billions of dollars in Apple shares.
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