Tim Cook, the CEO of Apple Inc , received 1,447 times the salary of the average Apple employee in 2021, according to a report on Thursday, propelled by stock awards that helped him earn about $100 million. According to Apple, the median pay for employees in 2021 was $68,254, with a new median employee chosen for comparison due to changes in hiring and compensation.
In 2020, the median compensation was $57,783, with a pay ratio of 256 times Cook’s wage. Over the last two years, the iPhone maker has profited from high demand as consumers who work from home have splurged on updates. Apple’s revenue increased by more than 30% to $365.82 billion in fiscal 2021, and its market capitalization momentarily surpassed $3 trillion.
Cook received $82.3 million in stock awards, $12 million for meeting Apple’s targets, and $1.4 million for air travel, 401(k) plan, insurance premiums, and other expenses. His compensation stayed at $3 million. He made $98.7 million in total, compared to $14.8 million in 2020. Cook took over as CEO in August 2011 when Steve Jobs, the company’s co-founder, stepped down months before his death. Since Cook took control, the stock has increased by almost 1,000%.
Cook received 333,987 restricted stock units in September as part of a long-term equity plan, his first stock grant since 2011. In 2023, he will be eligible for extra units.
In 2015, Cook told Fortune magazine that he intends to donate his fortune to charity .According to a report by the Economic Policy Institute, CEOs in the United States were paid 351 times more than the average worker in 2020, while top CEO compensation grew roughly 60 percent faster than the stock market from 1978 to 2020, eclipsing the slow 18 percent growth in a typical worker’s annual pay.
Apple became the first firm in the world to reach a market capitalization of $3 trillion in early January 2022. However, the company’s price dropped as soon as it accomplished the feat. Apple’s sales increased by more than 30% in 2021, because to increased demand for Apple devices as a result of the pandemic. According to the study, it made $365.82 billion in revenue. Cook has been in charge of the corporation since Steve Jobs’ death in 2011. Since then, the company’s stock has increased by more than 1,000%. Cook joined Apple as a senior vice president of global operations in March 1998 and later became the executive vice president of global sales and operations. He has advocated for the political reformation of international and domestic surveillance, cybersecurity, American manufacturing, and environmental preservation during his time as president. Cook doubled Apple’s sales and profit from 2011 to 2020, and the company’s market value climbed from $348 billion to $1.9 trillion during that time.