Apple CEO Tim Cook saw his annual compensation fall 26% to $11.56 million for 2019, the tech giant reported Friday, in a year the company launched its foray into streaming with Apple TV+ and its valuation surpassed $1 trillion.
According to an SEC proxy filing this afternoon, Cook’s salary remained unchanged for a second year in a row at $3 million, with the biggest change year-over-year coming from a $4.3 million dip in Non-Equity Incentive Plan Compensation. All other major executive officers — SVP and CFO Luca Maestri, SVP and General Counsel and Secretary Kate Adams, and COO Jeff Williams — saw slight year-over-year dips in overall compensation to around $25 million each beyond their $1 million base salaries, mostly via stock awards.
SVP Retail + People Deirdre O’Brien received a total of $19.16M after she replaced the exiting SVP Retail Angela Ahrendts in April. Ahrendts received total compensation of $22.28M most coming from stock awards.
Apple said Cook’s total compensation — $11,555,466 — compared with the 2019 annual total compensation of median compensated employees of $57,596, a 201 to 1 ratio.
Among other notable points in the Schedule 14A filing Friday: Disney chairman and CEO Bob Iger, who had served on Apple’s board of directors since 2011 before stepping down in September amid the then-pending streaming rivalry with Disney+, earned a total of $398,988 in 2019 before his exit. That is the third-highest total on the board after chairman Art Levinson ($557,922) and audit committee chair Ron Sugar ($557,922).
Apple shrugged off a slump in iPhone sales in the 2018 holiday quarter and saw its stock price nearly double last year from 157.92 on January 2, 2019 to 293.65 on December 31.
The company said its annual shareholder meeting is February 26 at Apple’s Cupertino, CA headquarters.