Tim Cook may have to trim expenses here and there this coming year, as his total compensation as CEO of Apple took a precipitous drop in 2012. He’ll only bank $4.17 million this year, a 99% drop from 2011. The culprit? A lack of stock awards. And as a service to you, the reader, I’ll save you the trouble of posting a comment: “Well, Boo-Frickin’-Hoo!”
Cook’s pay was revealed in a regulatory filing by Apple, first highlighted on Thursday by Bloomberg. The annual payment includes $1.36 million in base salary and $2.8 million in incentive plan compensation.
Last year, Apple awarded Cook $378 million, making him the highest-paid CEO in the United States. However, Cook won’t see most of that unless he stays at Apple for a decade. The majority of the award, $376.2 million, is in the form of a one-time stock award.
Taking the stock award out of the equation, Cook’s compensation for the 12-month span, including salary, perks, and bonuses, amounted to $1.8 million. His annual salary for last year was $900,000.