Apple CEO Takes Sharp Pay Cut
In a preliminary proxy statement filing, Apple Inc. (NASDAQ: AAPL) today said that CEO Tim Cook will receive $4.16 million in salary and incentive plan compensation for 2012. That is a far cry from the $378 million Cook received in 2011, the year he took the reins at Apple following the untimely death of Steve Jobs.
The largest portion of Cook's 2011 compensation package was a stock grant of 1 million units that vested in two parts, one-half in five years and the other half in 10 years.
Shares of Apple have fallen about 27% since reaching an all-time high in September, but the stock is still up 27% for the year to date.
The company's senior vice president of technologies, Robert Mansfield, will receive a restricted stock grant worth $83.1 million for 2012, and Apple's other top executives will receive grants of about $66 million. Cook will receive no stock award in 2012.
Apple's shares closed at $513.00 last night and are up slightly in premarket trading this morning. The 52-week range is $400.51 to $705.07.
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