Tuesday 20 March 2018

Apple boss earns $300m more than nearest rival

Apple chief executive Tim Cook topped the list of the best-paid chief executive officers in the US in 2011 thanks to stock options that put him more than $300m (€236m) above his next rival, a 'Wall Street Journal' survey has showed.

Mr Cook, who took the helm of the iPhone and iPad maker in August last year, two months before the death of founder Steve Jobs, clocked in total compensation of $378m.

Mr Cook earned $900,000 for his annual salary and $900,000 for his annual incentives. But he scooped up $376m in restricted stock grants, based on Apple's stock price at the time.

Another Silicon Valley big gun, the head of Oracle, Larry Ellison, came in second place with less than one-fifth of Mr Cook's pay, at $76m.

The study, conducted by Hay Group for the 'Wall Street Journal' covered the 300 largest US public companies by revenue.

Television broadcaster CBS head Leslie Moonves was in number three position at $69m, followed by the chief executive of struggling retailer JCPenney, Ronald Johnson, who pulled in $53m.

Motorola Mobility chief Sanjay Jha was ranked fifth, at $47m.

The remainder of the top 10, in descending order, were the chief executives of Citigroup; Viacom; Motorola Solutions; Walt Disney; and Ford Motor, whose Alan Mulally earned $29m.

Apple's Mr Cook could see his pay package climb further into the stratosphere this year. Apple shares have leaped 29pc in the year to date, and yesterday were up 5.5pc in late New York trade.

Irish Independent

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