Apple gives CEO Tim Cook and top executives a big pay boost
Apple chief executive Tim Cook and other top executives at the company received a big boost in compensation for the 2017 fiscal year, after the company topped its profit goals and annual sales targets. The information comes from an official company filing with the U.S. Securities and Exchange Commission.
Tim Cook received a total compensation of $12.8 million for the 2017 fiscal year, up from $8.75 million for the previous year, a boost of nearly 47%.
Apple's success in 2017 comes on the back of the iPhone 7 series as the iPhone remains the biggest driver of the company's revenues and profits. Other successful devices that contributed to the results are the more powerful and expensive iPad Pro, as well as a growing services business with products like Apple Music, Apple Pay, iTunes and others.
A very successful year for Apple
In fiscal 2017, Apple recorded $229.2 billion in annual revenue, beating the company's own target of $225.2 billion. Operating income amounted to $61.3 billion, up from $57.9 billion in the preceding year.
Interestingly, the rebound in 2017 comes after Apple missed the mark a bit in 2016. In 2016, Tim Cook's compensation actually fell by 15% as Apple did not meet its financial goals amidst slower than expected iPhone sales and a decline in one of its biggest markets, China.
On top of his compensation, Tim Cook also holds around 2.9 million Apple shares that at the current selling price are worth some $500 million.
source: Apple via Wall Street Journal
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