Apple chief Tim Cook’s pay packet swells by over 40 per cent
Apple boss Tim Cook has been left scouting for a bigger wallet over Christmas after the technology firm revealed that his salary had been bumped up by more than 40 per cent last year in its annual report.
Cook’s base salary now stands at a hefty $2m following the February raise, more than doubling his total remuneration to $9.2m in 2014.
Cook wasn’t the only executive to benefit from Apple’s billions however as other executives benefitted from a not insignificant pay rise of 14 per cent, taking their base rate up to $1m. In addition their maximum bonuses were also upped to four times salary.
Apple has been riding a crest of a wave in recent months after its stock market valuation hit an all time high last year of $700bn on the back of record iPhone sales of 40m.
It is the first pay rise Cook has received since becoming chief executive in August 2011 with a salary of $1.4m.