There are indications in the article that last years "earnings" were highly
abnormal. Otherwise he's earning roughly what Jobs pulled in (not counting
total share values).
The fact he got a "signing bonus" (sort of) for
becoming CEO which involved a lot of shares shouldn't be considered part of the
normal annual pay.
But the article's use of the phrase "pay cut" is
solely focused on the comparison of that "signing bonus" to no longer receiving
it yearly.
The other facts as presented by the article:
Jobs earned a
salary of 1 Mil per year
Cook had a base salary of 900 K which was
raised to 1.4 Mil
Cook received a bonus of salary * 200% for exceeding
Apple's targets
Cook did not receive an RSU (restricted stock unit) in
2012 given the RSU award for the promotion
Cook recommended to the
compensation board the CEO (and non-employee directors) is expected to own
shares of company common stock with a value equal to 10 * base
salary
His colleagues "received hefty pay packages"
Point 4 on the
RSU is interesting - it looks like Mr. Cook successfully negotiated a pretty
high "signing bonus" and agreed to forgoe any RSU bonus for 2012 in exchange.
My speculation.
There's absolutely nothing in what's presented in the
article that shows Cook took a pay cut of any sort - unless you buy the "he took
a pay cut because this year his signing bonus wasn't repeated" line of
reasoning.
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