Apple CEO salary doubles in 2014

Apple CEO Tim Cook received compensation valued at $9.22 million in 2014, which is more than double his pay in 2013.

Apple also said that, Mickey Drexler, CEO and chairman of J. Crew Group Inc., will retire from Apple’s board, where he’s served as a director since 1999.

The replacement for Mickey Drexler has not been revealed yet.

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Tim Cook

According to Apple, Cook was granted a pay package valued at $4.25 million in 2013.

In 2014 Cook’s package included salary of $1.75 million and $6.7 million in non-equity incentive compensation for the fiscal year that ended in September.

With the launch of iPhone 6, company’s stock rose to $119.75 in November, sending its market capitalization to more than $700 billion. Apple is first company to reach this milestone.

Company has also rolled out a mobile-payment system called Apple Pay, and this year will debut the company’s first smartwatch.

In October, Apple said the revenue in the final three months of 2014 would be $63.5 billion to $66.5 billion.

Apple finished fiscal 2014 posting full-year net income of $39.5 billion, an increase from $37 billion in 2013.

Cook received compensation in 2011 of $378 million, boosted by $376.2 million. It is one of the biggest pay packages on record.

The CEO’s compensation last year included security expenses of $699,133.

 

Vishal Kawadkar

editor@gizmolead.com

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