Apple CEO Tim Cook’s pay in 2021 was 1,447 times that of the average employee at the tech giant, a filing with the U.S. CEO on Thursday showed, fueled by stock awards that helped him earn a total of nearly $100 million.
Apple CEO Tim Cook
Reuters:
In 2021, the median pay for employees was $68,254, Apple said, adding it had selected a new median employee for comparison due to changes in hiring and compensation.
The median pay in 2020 was $57,783 and the pay ratio was 256 times Cook’s salary.
Cook, whose salary remained at $3 million, received $82.3 million in stock awards, $12 million for hitting Apple’s targets and $1.4 million for air travel, 401(k) plan, insurance premiums and others.
In total, he received $98.7 million compared with $14.8 million in 2020.
For Corporate America, CEOs were paid 351 times as much as a typical worker in 2020, a report by the Economic Policy Institute showed.
Technovanguard Take: When compensation is tied mainly to stock performance, giving incentive that creates possible benefit for shareholders, and the stock price rises strongly, hitting and exceeding compensation targets, these things happen.
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