Apple has filed a preliminary proxy statement with the SEC today ahead of its annual shareholder meeting for 2013, and it reveals executive compensation metrics for the company’s senior leadership. CEO Tim Cook is in line for the most drastic reduction in year-over-year pay outs, with annual compensation of ‘just’ $4.17 million in 2012, compared to $378 million in 2011 and $59 million in 2010.
The discrepancy is down to stock option awards, which Cook was granted a number of in both 2010 ($52 million worth) and 2011 ($376 million), but which he received none of in 2012. Those stock awards include a large number which will vest in 2014, 2016 and 2021 respectively, and which now total over $750 million in total value at today’s current market value, according to the filing. Cook’s 2011 compensation package was cited as one of the largest of its kind in history, according to analysts speaking to Bloomberg last year.
Peter Oppenheimer (SVP & CFO), Robert Mansfield (SVP Technologies), Bruce Sewell (SVP, General Counsel) and Jeffrey Williams (SVP Operations) also had their 2012 compensation shared in the report; each were granted significant stock awards, and each saw final compensation totalling above $66M for 2012. Unlike Steve Jobs, who famously took only $1 per year in compensation above his stock options as CEO, Tim Cook received a base salary of $1,357,718 for 2012, with non-equity incentive plan compensation of $2,800,000.
All executive officers except for Cook received a base salary raise from $800,000 ti $875,000 as part of the executive shuffle announcement that saw Scott Forstall depart Apple’s leadership, the filing reveals, in order to reflect the added responsibilities each took on as part of the shift.
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