Apple CEO Tim Cook earned $9.2 million during the company’s fiscal year 2014, according to executive salary numbers contained in a new regulatory filing.
Apple released the proxy filing, which contains management team and board member compensation, ahead of its annual shareholders meeting. Cook made $1.7 million in salary, and the rest came under the “additional forms of compensation” heading.
While Cook’s earnings doubled from 2013, when he made $4.5 million, they seem surprisingly low for the CEO of a company worth much as Apple. His 2014 earnings, taken alone, would put him below the median earnings number for Fortune 500 CEOs (according to an Associated Press/Equilar study conducted earlier this year).
As you’ll see below, Cook reported far less earnings than other Apple executives in 2014. The difference might be that those other executives took stock awards during 2014, while Cook took none. And elsewhere in the filing Apple reports that Cook holds roughly $536 million worth of unvested shares, far more than any other Apple executive.
Apple’s new retail chief, Angela Ahrendts, made a reported $73 million in 2014, which includes $400,000 in salary, a $500,000 sign-on bonus, and $1.7 million in non-equity incentive plan money. The biggest chunk of her earnings came in the form of a $70 million stock award, presumably related to her hiring.
Ahrendts was a highly paid executive at Burberry in the U.K. when Apple recruited her. The company says it considered Ms. Ahrendts’ compensation arrangement at Burberry and the amounts that she was expected to receive in future years when determining her salary and bonuses at Apple.
Apple’s software and services head, Eddie Cue, and SVP of operations Jeff Williams each earned roughly $24.5 million in 2014, including $20 million in stock awards.
Indeed Apple had a good year in 2014. Net sales rose 7 percent, or $11.9 billion, to $182.8 billion; operating income also rose 7 percent, or $3.5 billion, to $52.5 billion, compared to 2013.
Apple added two people to its executive team in 2014. Ahrendts joined the company in the newly created position of senior vice president, retail and online stores. Luca Maestri was promoted to senior vice president and chief financial officer following Peter Oppenheimer’s retirement.
Apple will announce its earnings for the last three months of 2014 on Jan. 27.