LIVE VIDEO: NewsChannel 5 at Ten    Watch
 

Apple CEO Tim Cook gets modest 2012 pay after big 2011

11:33 AM, Dec 27, 2012   |    comments
Tim Cook. Photo by Chris Hondros/Getty Images.
  • Share
  • Print
  • - A A A +

PETER SVENSSON, AP Technology Writer

NEW YORK (AP) - Apple CEO Tim Cook got a relatively modest $4.2 million in pay for the latest fiscal year, after the company's board set him up with stock now worth $510 million for taking the reins in 2011.

Cook's pay for fiscal 2012, which ended in September, consisted of $1.4 million in salary, a bonus of $2.8 million, and $17,000 in company contributions to his 401(k) account and life insurance premiums, according to a filing.

Apple Inc.'s board saw no need to grant Cook additional shares in 2012 after the sign-on grant of 1 million shares in 2011. Half of those shares vest in 2016 and the other half in 2021.

Cook did vest into shares worth $140 million in 2012. Those shares were granted earlier, when he was chief operating officer.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

Most Watched Videos