Apple CEO Tim Cook Gets $100 Million Payday Approved Despite Criticism

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Tim Cook’s $100 million compensation has been approved by Apple’s board, despite some calling the package excessive.

Apple shareholders have finally voted to approve a massive $100 million pay package for CEO Tim Cook, despite some investor concerns. The jarring compensation package, labeled by some to be a tad excessive, was approved just weeks after it was revealed that employees at several Apple Stores are quietly working to unionize.

The pay package marked a significant jump from 2020 when Cook was awarded a relatively scant sum of $14.8 million in compensation. The lucrative pay package calls for $98.73 in total compensation, including $82 million in stock awards, a $12 million bonus for the CEO’s ability to hit internal performance targets, and his $3 million base salary.

Not everybody is happy about Cook’s excessive payday.

Institutional Shareholders Service, one of the biggest companies that advises stock owners on how to vote with their shares, has advised Apple shareholders to vote against the massive payday for Cook. The firm argued that certain perks of Cook’s payday were extreme when compared to those offered by similar companies, including the $712,000 in compensation for the CEO’s use of a private jet.

“There are significant concerns regarding the design and magnitude of the equity award made to CEO Cook,” ISS said in a report ahead of the shareholder meeting.

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But Apple went ahead with it anyway. The company has prospered under Cook’s leadership, with the stock up more than 400% over the last five years. Under the CEO’s watch, Apple became the first company to achieve a $3 trillion market cap.

Apple shareholders approved CEO Tim Cook’s annual compensation in a virtual meeting, and voted in favor of a proposal urging Apple to oversee a third-party civil rights audit of the company’s policies and practices https://t.co/AxZzKImWli pic.twitter. com/geOiODAtqd

— Reuters Legal (@ReutersLegal) March 4, 2022

But even so, the $100 million pay package is 1,447 times larger than what is offered to the tech behemoth’s average employee. The Washington Post reported last month that some Apple Store employees were working to unionize, saying that wages have not kept up with inflation.

Cook’s successful ability to successfully navigate Apple through tumultuous times, including the COVID-19 pandemic, has helped the tech CEO amass a net worth of over $2 billion. While he was originally praised for his choice to live a humble life in a modest home, he has recently opted for a more lavish existence, including dropping $10 million on a new southern Californian mansion.

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Source: New York Post, Fortune

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About The Author Cory Parker (199 Articles Published)

Cory is a freelance writer for TheRichest with a pulse on all things pop culture. Cory has a knock for current events and travel.

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