Tim Cook, Apple CEO and runner-up for Time's annual Person of the Year award, made $4 million this year, a significant decrease from his 2011 earnings, which topped out at nearly $380 million. So what's the reason for the huge cut in salary? The Atlantic Wire reports:
The reason for the $374 million pay cut has to do with the stock options Apple gave its CEO last year, which it did not do this year, as is customary within the company. "Mr. Cook did not receive an RSU award in 2012 in light of the RSU award he received in connection with his promotion to CEO in August 2011," reads the SEC document prepared in advance of Apple's shareholders meeting in February.
And Cook's salary did in fact increase. The board bumped the new CEO's salary from $900,000 to $1.36 million and awarded him a $2.8 million cash bonus.
But, for what it's worth, during his tenure Steve Jobs only made $1 per year. "I make 50 cents for showing up and the other 50 cents is based on performance," Jobs once said.
[via The Atlantic Wire]
