Tim Cook's pay packet down 99 per cent in first full year as Apple CEO

In his first full year on the job, Apple CEO Tim Cook has been a revelation, however his wages went down by 99 per cent. Why?

Tim Cook may have led Apple to record sales, a 35 per cent rise in stock prices and a spell as the world's most valuable company in 2012, but his personal compensation shrunk by 99 per cent this year, compared with 2011.

The Apple CEO, who took over from the late Steve Jobs in August 2011, earned $4.1 million (£2.5m) in 2012, compared with the $378 million (£234m) nestling in his back pocket after 2011.

Don't worry though, Cook, who was recently shortlisted for TIME Person of the Year, hasn't taken temporary leave of his senses and docked his own pay. He simply picked up a whopping $375m (£232m) in stock awards the year before.

In fact, Cook's basic pay went up by half a million dollars to $1.4 million (£868,000) compared with 2011.

While in 2012, Cook has been able to ride the crest the wave and help the company to its best-ever performance, 2013 is likely to be a little more challenging for Steve Jobs' hand-picked replacement.

Apple's stock, while up 35 per cent overall since he took over has actually dropped 27 per cent since the summer following missed sales expectations for iOS devices and the Apple Maps iOS 6 debacle.

Android's dominance in the smartphone market and their ever-increasing presence in the tablet market is threatening Apple's superiority.

Does Cook have the magic formula necessary to ensure his pay packet doesn't shrink for real in 2013?

Via: The Guardian

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