Apple CEO Tim Cook earns 1447 Times More than that of the typical employee at the tech company, fuelled by stock awards that let him earn about $100 million (roughly Rs. 742.31 crores) According to a report on Thursday.
How Apple CEO Tim Cook earns 1447 Times More?
According to Apple, the median pay for employees in 2021 was $68,254 (approximately Rs. 50.66 lakh), with a new median employee chosen for comparison due to changes in hiring and remuneration.
Cook’s compensation was 256 times the median pay in 2020, which was $57,783 (approximately Rs. 42.89 lakh).
Over the last two years, the iPhone maker has profited from high demand as consumers who work from home have splurged on updates.
Apple’s fiscal year 2021 sales increased by more than 30% to $365.82 billion (approximately Rs. 27,15,521 crore), and its market capitalization momentarily surpassed $3 trillion (about Rs. 2,22,69,270 crore).
Cook received $82.3 million (roughly Rs. 610.92 crores) in stock awards, $12 million (roughly Rs. 89.07 crores) for meeting Apple’s targets, and $1.4 million (roughly Rs. 10.39 crore) for air travel, 401(k) plan, insurance premiums, and other expenses, on top of his $3 million (roughly Rs. 22.26 crore) salary.
He made $98.7 million (approximately Rs. 732.65 crores) in total, up from $14.8 million (about Rs. 109.86 crores) in 2020.
Cook took over as CEO in August 2011 when Steve Jobs, the company’s co-founder, stepped down months before his death.
Since Cook took control, the stock has increased by almost 1,000%.
Cook received 333,987 restricted stock units in September as part of a long-term equity plan, his first stock grant since 2011. In 2023, he will be eligible for extra units.
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In 2015, Cook told Fortune magazine that he intends to donate his assets to charity.
According to a report by the Economic Policy Institute, CEOs in the United States were paid 351 times more than the average worker in 2020, while top CEO salary climbed 60 times faster than the stock market from 1978 to 2020, shattering the modest 18 percent rise in a normal worker’s annual pay.