Apple boss Tim Cook’s salary in 2021 was 1,447 times that of an average employee at the tech giant, showed a filing on Thursday, fueled by stock awards that helped him earn a total of nearly $100 million (approximately Rs. 742.31 crore).
In 2021, the average employee salary was $68,254 (approximately Rs. 50.66 lakh), Apple said, adding that it selected an average new employee for comparison due to changes in hiring and compensation.
The average salary in 2020 was US$57,783 (approximately Rs. 42.89 lakh) and the salary ratio was 256 times Cook’s salary.
The iPhone maker has benefited from strong demand over the past two years as home-based consumers have spent money on upgrades. Apple’s revenue increased more than 30% to $365.82 billion (approximately INR 27.15,521 crore) in fiscal 2021 and its shares briefly exceeded $3 trillion (approximately INR 2,22,69,270 crore) in capitalization of market this year.
Cook, whose salary remained at $3 million (approximately Rs. 22.26 million), received $82.3 million (approximately Rs. 610.92 million) in stock awards, US$12 million (approximately Rs. 89 .07 million) for achieving Apple’s targets and $1.4 million (approximately Rs. 10.39 crore) for air travel, 401(k) plan, insurance premiums and others.
In total, he earned US$98.7 million (approximately Rs. 732.65 crores), compared to US$14.8 million (approximately Rs. 109.86 crores) in 2020.
Cook took the helm in August 2011 after the company’s co-founder Steve Jobs stepped down months before his death. Shares have risen more than 1,000 percent since Cook took charge.
In September, Cook received 333,987 units of restricted stock in its first stock grant since 2011 as part of a long-term stock plan. He will be eligible to receive additional units in 2023.
Cook told Fortune magazine in 2015 that he plans to donate his wealth to charity.
CEOs in the United States earned 351 times more than the typical worker in 2020, a report by the Economic Policy Institute showed, while top CEOs’ pay grew about 60 times faster than the stock market from 1978 to 2020, outpacing CEOs. slow 18%. growth in the annual salary of a typical worker.
© Thomson Reuters 2021
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