Apple CEO Tim Prepare dinner’s pay bundle rose greater than 500% in contrast with the earlier 12 months, in response to the tech big’s annual proxy submitting with the SEC.
Picture:
Marcio Jose Sanchez/Related Press
Apple Inc.
AAPL -1.67%
Chief Government Officer
Tim Prepare dinner
obtained virtually $100 million in compensation in 2021, a 12 months through which he accomplished 10 years as the corporate’s CEO and led the iPhone maker to document income throughout a worldwide pandemic.
His $98.7 million pay bundle rose greater than 500% in contrast with the earlier 12 months’s $14.8 million, in response to the tech big’s annual proxy submitting with the Securities and Alternate Fee.
Apple has benefited from new iPhones with 5G mobile functionality and staff and college students caught at dwelling throughout the pandemic shopping for laptops and iPad tablets. The corporate’s inventory rose about 80% final 12 months and continued to rise in current days to briefly take Apple’s market worth previous $3 trillion this week earlier than nudging downward. Apple’s revenue and gross sales within the 2021 fiscal 12 months exceeded the corporate’s previous information, with gross sales topping $365 billion.
Mr. Prepare dinner’s base wage of $3 million remained unchanged.
The majority of Mr. Prepare dinner’s compensation plan improve got here from the granting of restricted inventory valued at $82.3 million. In 2020 on the primary day of the corporate’s fiscal 2021, Apple awarded a brand new long-term fairness plan to Mr. Prepare dinner with shares that vest from 2023 by 2025, providing an incentive for him to proceed as CEO by that point. Mr. Prepare dinner, 61 years previous, joined Apple in 1988.
Mr. Prepare dinner and different executives obtained bonus payouts of about double the compensation goal after Apple exceeded its inside monetary targets, the submitting exhibits. Apple’s annual shareholder assembly is scheduled to be held nearly on March 4.
Final 12 months marked Mr. Prepare dinner’s tenth 12 months as CEO since taking on from co-founder
Steve Jobs
shortly earlier than his dying. “It has been a exceptional decade for Apple, and in 2021 Mr. Prepare dinner was granted an fairness award for the primary time since he was promoted to the CEO function,” the corporate stated within the submitting. In that decade, Apple’s shares rose by greater than 1,100%, about triple the rise of the S&P 500, in response to the submitting.
Along with final 12 months’s compensation plan, Mr. Prepare dinner noticed the vesting of beforehand awarded inventory valued at $754 million. In 2020, he had a complete of $281.9 million in restricted inventory that vested throughout the 12 months.
Mr. Prepare dinner has stated he plans to donate most of his wealth to philanthropic causes.
Write to Tim Higgins at Tim.Higgins@WSJ.com
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Appeared within the January 7, 2022, print version as ‘Apple CEO’s ’21 Pay Was $98.7 Million.’
