Apple Incorporated released its financial reports for the fiscal year of 2019. The reports showed that the Chief Executive Officer of Apple, Tim Cook, earned more than USD 125 million. It should be noted that Cook receives an annual salary of $3 million, a yearly bonus of $7.7 million. and $884,500.00 in compensation for travelling expenses. The remaining funds come from the significant amount of stock that Cook holds in apple, which currently has a value that exceeds $113.5 million.
The compensation awarded to Tim Cook is lower than the previous year when he earned $136 million, which is a reduction of $11 million, resultant on his bonus being reduced from 2018’s $12 million. Bonus losses were prompted after Cook couldn’t achieve the expectations in sales of Apple Investors in 2019. This loss is minimal for Tim Cook, who stands as one of the wealthiest individuals worldwide.
The chief executive officer for Apple owns a total share valuation evaluated at $400 million. This level of shares was acquired when Tim Cook took over the CEO duties from Steve Jobs in 2011, which followed after Jobs passed away from an incredibly rare form of cancer. It should also be noted that Cook wasn’t the only executive who earned a significant payday in 2019. Kate Adams, Jeff Williams, and Luca Maestri all made millions for their efforts.
The chief operating officer for Apple Incorporated, Jeff Williams, earned more than $3 million this year, and chief financial officer, Luca Maestri saw a payday of $2.6 million for his operational duties. In addition to those named above, general counsel for Apple Incorporated, Kate Adams earned $3.5 million and while impressive, each was lower than those in 2018. All executives with Apple last year earned $4 million or higher with additional costs being applied for detailed security at a cost of more than $400,000.00 for each respective executive.
The Lack of Sales
The Apple Corporation saw a significant decline in sales throughout 2019. This comes after a substantial lack of innovation towards the iPhone XS and XS Max. Only two products were revamped, which applied to the computing section of Apple. Most people opted not to purchase the high-priced MacBook or Desktop Mac, which extended to both versions of the updated iPhone. Considering that the sales of iPads are non-existent, this prompted lower profits company-wide. The result was all executives losing a large percentage of their bonuses.