CALIFORNIA: Tim Cook, the Chief Executive of Apple had given a hefty pay raise of 22 percent in 2018, bringing a total compensation for the year to almost $15.7 million stated in a report submitted to the Securities and Exchange Commission.
His total pay figure consisted of a $3 million base salary, a $12 million bonus and $680,000 which is known as “other compensation” that security as well as private air travels.
The compensation committee of Apple cited in justifying the bonus to the strong sales of the company and performance over the year.
The document said, “We achieved net sales of $265.6 bilions for 2018, operating income of $70.9 billion, representing an annual increase of 16 percent, exceeding the maximum annual cash 2018.”
“No downward adjustment is determined by the Compensation Committee to the payouts that would be formed on the basis of 2018 performance of Apple. Including the individual contributions of our mentioned executive officers and thus have approved the total payout at 400 percent of year-to-year base salary.”
After the late Steve Job, it was the second year running that Tim Cook had got such an increase in his salary. He received $12.8 in the year 2017 while in 2016 he got just $8.7 million.
A week after Apple cut its revenue outlook for the latest direction, the news came out mentioning the “economic deceleration” steeper-than-expected in the emerging market particularly, China.
Investors were disconcerted by the disclosure, some of them observed that the weakened predictions are signs the company is not able to introduce any major new gadget after the iPhone which is a device that most critics have declared expensive.
In the first session, after the announcement of the worst day Apple’s major shares sank 10 percent since 2013, contributing to a big reduction in the stock market performance over the last three months.
The biggest company by market capitalisation, behind Amazon, Microsoft and Google, Apple is the fourth now.