x PhoneArena is looking for new authors! To view all available positions, click here.
  • Home
  • News
  • Apple's proxy statement reveals Tim Cook's pay and Carl Icahn's proposal

Apple's proxy statement reveals Tim Cook's pay and Carl Icahn's proposal

Posted: , by Alan F.

Tags:

Apple's proxy statement reveals Tim Cook's pay and Carl Icahn's proposal
Apple filed its annual proxy statement with the SEC on Friday. Among the information revealed by the filing, Apple paid its CEO Tim Cook $4.25 million in salary and bonus for the fiscal year that ended September 28th. Cook did not receive any stock as compensation for the last two fiscal years. In August 2011, he was awarded 1 million restricted shares of Apple, then valued at $375 million, when he took over the CEO post from the late Steve Jobs. Those restricted shares now have a value of $563 million.

At the urging of the executive, Apple changed the vesting rules for the shares. Instead of them vesting based on longevity, for Cook to receive the entire award, Apple's shares must outperform two-thirds of the shares in the S&P 500 each year.

According to the proxy, at the annual stockholders' meeting on February 28th, investor Carl Icahn will submit a proposal that would ask the company to buy back $50 billion of its own shares by September 27, 2014. Icahn owns 3.9 million shares of Apple at last count, valued at $2.2 billion. Apple is recommending that shareholders turn down the proposal. While Apple says that it still is committed to returning cash to shareholders, it says that it needs to be flexible with access to its resources, according to a statement.

Another proposal would prevent Apple from issuing preferred stock without a shareholder vote. This would prevent the company from offering high-dividend preferred stock at the discretion of executives, without an approval from a majority of common stockholders. Apple says it wants to eliminate this "blank-check" authority to issue preferred shares because the preferred shares could be "misused" by the board to block a merger.

source: WSJ

20 Comments
  • Options
    Close




posted on 28 Dec 2013, 01:08 3

1. mr.techdude (Posts: 541; Member since: 19 Nov 2012)


Woa, only 4.25 million.

posted on 28 Dec 2013, 01:22 5

3. Napalm_3nema (Posts: 835; Member since: 14 Jun 2013)


That's a bargain in the CEO world.

posted on 28 Dec 2013, 11:41

11. apple4never (Posts: 931; Member since: 08 May 2013)


thats what i was thinking, only 4.25 well for a ceo thats like nothing and considering how much money apple makes. Who's getting all this money ?

posted on 28 Dec 2013, 15:03 2

15. a_merryman (Posts: 630; Member since: 14 Dec 2011)


Tim Cook is, in stock options. Just like most CEOs.

posted on 28 Dec 2013, 01:15 3

2. androiphone20 (Posts: 1399; Member since: 10 Jul 2013)


What are icahns plans after the $50B
buy back? Fire sale every stock he's
got? I personally am upset that he
would openly dictate business
decisions that so obviously benefit
himself over the company he has
stock in. Greed is apparently his
closest friend. Apple is supposed to
spend another $50B for one persons
benefit? Good idea. If you're not
interested in a company succeeding
over the long term, don't buy their
stock and stay out of their business...
actually, stay out of their business,
period. Aren't you happy with the tons
of money they made you? Or is it
never enough - so you keep brazenly
squeezing out every last dime at
everyone else's expense.

posted on 28 Dec 2013, 03:07 4

4. Furbal (Posts: 256; Member since: 22 Sep 2012)


Yeap, I'm sure the board sees it that way as well. One reason why they hopefully wont do it...

posted on 28 Dec 2013, 05:55

5. androiphone20 (Posts: 1399; Member since: 10 Jul 2013)


+1, they're urigung people to vote no

posted on 28 Dec 2013, 09:34 2

7. VZWuser76 (Posts: 1268; Member since: 04 Mar 2010)


First, Icahn isn't the only person who'd benefit. Second, who in the business world buys shares to stand behind a company? They put their money into a company to make more money. It's no different than what I'm told when I mention that I think a business move by Apple seems shady. Everyone says that they're there to make money, not to be a charity or an ethical paragon. So why should their shareholders be any different? Thses people believe in a company only to the point that it'll make them money, not to help the company in the future. Otherwise the stock market would be a lot different, full of idealists instead of hardcore capitalists. There are literally tons of movies and news reports on the greed at wall street's heart. Wolf of Wall Street, Boiler Room, Wall Street, even Trading Places just to name a few. While I agree that your outlook is how it should be, it's just not how it is for 99% of the people in the stock market.

posted on 29 Dec 2013, 19:19

20. meowcenary (Posts: 187; Member since: 13 Apr 2012)


You gotta love corporate raiders, like Carl Icahn and what they do. Nice way of making money if you can convince the board to do what you say.

posted on 28 Dec 2013, 07:58

6. darkkjedii (Posts: 10271; Member since: 05 Feb 2011)


Cook, loan a brother a few $$$.

posted on 28 Dec 2013, 09:52

8. PapaSmurf (Posts: 7619; Member since: 14 May 2012)


And a few iPad Airs, Mini w/ R, MBP w/ R, iPhone 5S 64GB Champaign, and a new Mac Pro. :)

posted on 28 Dec 2013, 10:11

9. darkkjedii (Posts: 10271; Member since: 05 Feb 2011)


Damn Smurf lol, a bit greedy aren't we lol. I'm seriously hoping the next Iphone includes a 128 gig option. That would be cool.

posted on 28 Dec 2013, 11:31

10. PapaSmurf (Posts: 7619; Member since: 14 May 2012)


Technically I can buy all of them now but I rather not. Looking forward to the iPhone 6. :)

posted on 28 Dec 2013, 11:48

12. darkkjedii (Posts: 10271; Member since: 05 Feb 2011)


I'm hoping for a larger screen, 4 in. is only adequate now. Looking forward to getting used to a larger canvas on iOS. I skipped the note 3, so iphone/note 4 next year. I simply must have both.

posted on 28 Dec 2013, 13:11

13. PapaSmurf (Posts: 7619; Member since: 14 May 2012)


4.7" iPhone with the A8 chip would be amazing. Note 4 too!

posted on 28 Dec 2013, 14:48

14. darkkjedii (Posts: 10271; Member since: 05 Feb 2011)


Would be lovely. 3 gigs of ram too?

posted on 28 Dec 2013, 18:45

16. reckless562 (Posts: 671; Member since: 09 Sep 2013)


f all that useless crap.... how bout making the damn mac books a TOUCH SCREEN already?? been watin on that since 2010...

posted on 28 Dec 2013, 20:40

18. Pancholo (Posts: 375; Member since: 27 Feb 2012)


Keep waiting. That could require an overhaul of their current OSX, not even just in the UI department. Also, if Macbooks were to have touch screens, those would cannibalize iPad sales, or probably iPads would be looked as the "cheaper," more mobile alternative, even if those aren't full blown computers. Anything could happen, though - that'd be interesting.

Still, people would get used to an iPad faster than a Mac. Sadly, iOS may also have more games than Macs, lol. Just kidding! ...Though I hope it's not true!

posted on 28 Dec 2013, 18:46

17. reckless562 (Posts: 671; Member since: 09 Sep 2013)


waooohh f all that useless crap.... how bout making the damn mac books a TOUCH SCREEN already?? been watin on that since 2010...

posted on 29 Dec 2013, 04:50

19. sonisoe (Posts: 323; Member since: 06 May 2009)


other ceos would get 10million+stocks...

Want to comment? Please login or register.

Latest stories