Apple Inc. (NASDAQ:AAPL) definitely knows to set the bar high, in the technology industry. If until now, it has been the trendsetter with cutting-edge products and styling factors, this time it’s talking big about how much it pays.
Starting-off a year of big-pays, CEO Tim Cook is all set to receive a pay-packet that it twice that of 2013. And it is not just Time Cook who is set to receive the big bucks, but Mickey Drexler as well, as a board member. Drexler is Chairman of J. Crew Group Inc, and is all set to retire from Apple’s Board.
Tim Cook Salary composition
Apparently much of Tim Cook’s windfall comes from the spate of new products that Apple Inc will launch later in the year. Tim Cook will receive $1.75 million salary and will have $6.7 million in non-equity incentives, for end of September 2014. In 2013, Cook’s package was $4.25milllion.
Cook has in his tenure launched the new brigade of idevices, such as the large-display screen carrying iPhones and quicker iPads. Cook also has been part of Apple Pay, the home-grown payment mode. His tenure too belies smartphone industry’s saturation even with the stock of the company rising to $700 billion in market capitalization, a first for a US-listed stock.
Others too at Apple Inc. are being paid higher. Luca Maestri will receive $14million, following a promotion to Chief Financial Officer, with components of $717,211 salary and $11.3 million in stock. Eddy Cue as head of Internet Software services, compensation is $24 million along with Jeff Williams, the Operations Head. Their package’s composed of $947,596 in salary and $20 million in stock.
Apple Inc’s pay compensation is in line with its record-high stock performance and new-age devices such as the smartwatch and its payment product Apple Pay to reach maturation in the immediate future!
