Apple chief executive Tim Cook has been awarded a pay rise. The tech giant boss’ salary was raised to $2 million last year – an increase of almost 43%. Mr. Cook’s salary was previously $1.4 million, whilst his total remuneration was more than doubled, giving him $9.2m in 2014. Other executives were given an increase of over 14%, giving them $1 million. Executive team bonuses rose to a maximum of 400% of member’s individual salaries.
The company sold 40 million iPhones last year, with their shares hitting a record high. The company’s value rose to more than $700 billion whilst its stock reached an all-time high of $119.75. Mr. Cook’s salary increase was his first since November 2011. He was appointed chief executive in August 2011, replacing Apple co-founder Steve Jobs, who passed away two months later.
Apple said that they were able to give the increases after analyzing “peer company” market data given to it by its independent compensation consultancy service. Apple are rumored to be launching the iPhone 6S soon, with the forthcoming iOS 9 operating system offering significant changes from the existing platform.
Are you surprised to see how well Apple are doing? How do you think Tim Cook is performing overall? Tell us your thoughts below.
