Apple CEO gets modest 2012 pay after big 2011

Apple CEO gets modest 2012 pay after big 2011

Credit: Getty Images

SAN FRANCISCO, CA - MARCH 07: Apple CEO Tim Cook speaks during an Apple product launch event at Yerba Buena Center for the Arts on March 7, 2012 in San Francisco, California. In the first product release following the death of Steve Jobs, Apple Inc. introduced the third version of the iPad and an updated Apple TV. (Photo by Kevork Djansezian/Getty Images)

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KMOV.com

Posted on December 27, 2012 at 11:35 AM

NEW YORK (AP) -- Apple CEO Tim Cook got a relatively modest $4.2 million in pay for the latest fiscal year, after the company's board set him up with stock now worth $510 million for taking the reins in 2011.

   Cook's pay for fiscal 2012, which ended in September, consisted of $1.4 million in salary, a bonus of $2.8 million, and $17,000 in company contributions to his 401(k) account and life insurance premiums, according to a filing.

   Apple Inc.'s board saw no need to grant Cook additional shares in 2012 after the sign-on grant of 1 million shares in 2011. Half of those shares vest in 2016 and the other half in 2021.

   Cook did vest into shares worth $140 million in 2012. Those shares were granted earlier, when he was chief operating officer.
 

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