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28 February 2024

Apple pays its CEO Dh100,000+ a day while CFO earns Dh250,000+

By Vicky Kapur

Apple Inc. CEO Tim Cook’s compensation rose 11.5 per cent to $10.3 million (Dh37.8m) in 2015 from $9.2m (Dh33.8m) in the previous year, but he was the least paid among Apple’s senior executives, Apple’s latest regulatory filings show. That works out to Dh103,461 a day for 2015, up from Dh92,807 a day in 2014.

The year 2015 saw Apple sales surge 28 per cent and profits by 35 per cent to reach all-time record highs. In the filings seen by Emirates 24|7, Apple says its record-breaking net sales and operating income results in 2015 exceeded the maximum performance goals. This resulted in the executive officers named in the filing receiving the maximum payout.

This meant that senior VP and CFO Luca Maestri’s annual payout rose about 81 per cent to $25.3 million (Dh92.3m) in 2015. That works out to Dh254,976 a day (up from Dh140,910 a day in 2014), but even Maestri wasn’t the highest paid Apple executive.

Angela Ahrendts, the senior vice president for retail and online stores, was the highest paid, with a total pay package of $25.8m (Dh94.8m), or Dh259,416 a day.

It must be noted, however, that Cook’s payout does not include stock awards (he holds 3.1m Apple shares which are expected to vest between August 2016 and August 2021) even as the rest of the executives’ payout data includes Dh20m vested shares each for the other three top executives.

Cook’s base pay increased about 14.4 per cent to $2m last year, while non-equity incentive compensation rose about 19 per cent to $8m, according to the regulatory filing.