Apple paid CEO Tim Cook US$10.3m in 2015

Apple Inc Chief Executive Tim Cook's compensation rose 11.5 per cent to US$10.3 million in 2015, a year when the company had a rocky ride due to fears of slowing shipments of its new iphone models. 

PHOTO: REUTERS

JAN 7, 20167:42 AM

[SAN FRANCISCO] Apple Inc Chief Executive Tim Cook's compensation rose 11.5 per cent to US$10.3 million in 2015, a year when the company had a rocky ride due to fears of slowing shipments of its new iphone models.

Mr Cook's base pay increased about 14.4 per cent to US$2 million last year, while non-equity incentive compensation rose about 19 per cent to US$8 million, according to a regulatory filing.

Chief Financial Officer Luca Maestri's annual compensation rose about 81 per cent to US$25.3 million in 2015.

Apple had a good year for the most part under Mr Cook, with its iPhone 6S and 6S Plus setting weekend records and blockbuster China sales.

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The company hit a rough patch towards the end of 2015, with shares falling about 4.6 per cent for the year, the stock's first negative year since the global credit crisis.

As of Sept 26, Mr Cook held about 3.1 million Apple shares that have not vested, potentially enabling him to earn over US$310 million based on the stock's Wednesday closing price.

The shares are expected to vest between August 2016 and August 2021.

Shares of the world's most valuable company dropped below US$100 for the first time in nearly five months on Wednesday before closing at US$100.70.

REUTERS