Apple CEO Tim Cook’s Total Pay Declined To $11.6 Million In 2019

Cook’s salary was still 201 times more than the median pay of Apple employees.

Apple CEO Tim Cook reported $11.6 million in total compensation in 2019 -- 26 percent lower than the prior year -- as company stock has soared, according to the firm’s annual proxy statement released on Friday.

That amount included $3 million in salary as well as $7.7 million in non-equity incentive plan compensation and $884,466 in other compensation that included $457,083 in security expenses (Apple’s board requires that Cook use private aircraft for all business and personal travel).

In 2018, Cook reported $15.7 million in total compensation, which included $12 million in non-equity incentive plan compensation.

Cook’s salary was 201 times as much as the median salary of its employees, which equated to $57,596, according to the filing.

Cook certainly wasn’t the highest-paid Apple executive in 2019, according to the proxy. Apple General Counsel Kate Adams reported total compensation of $25.231 million in 2019, which included $21 million in stock awards, according to the filing.

Cook, 59, has been Apple’s CEO since August 2011 and joined Apple in 1998 as senior vice president, worldwide operations.

In October, Cook touted the improving fortunes of the iPhone. The debut of new iPhone models in September—especially the iPhone 11, which comes with a lower price than its predecessor model—helped to spur better-than-expected results in iPhone revenue during Apple's fourth quarter. The iPhone business generated revenue of $33.36 billion during Apple's fiscal fourth quarter of 2019, ended Sept. 28, the company disclosed at the time.

The Cupertino, Calif.-based tech giant has a good run as of late. Apple’s stock hit an all-time record of $300.35 on Thursday before declining less than 1 percent on Friday as the market as a whole sank. The company, which has a $1.3 trillion market cap, reported revenue of $260.2 billion and operating income of $63.9 billion last year.