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Apple (AAPL): Tim Cook's Pay Drops 99 Pct This Year

 December 28, 2012 08:01 AM

(By Balachander) Apple Inc. (NASDAQ: AAPL) Chief Executive Officer Tim Cook received pay package of $4.17 million in 2012, down nearly 99 percent from last year compensation that was boosted by million-share grant.

Cook, the successor to the late Steve Jobs, received a record package of $378 million in 2011, largely helped by $376.2 million in stock awards.

The maker of the iPhone and iPad disclosed in a regulatory filing that Cook's base salary increased to $1.4 million this year from $900,000 in 2011.

Cook did not receive a stock award in 2012 because of the award he received in connection with his promotion to CEO in August 2011, the filing showed. Fifty percent of Cook's award is scheduled to vest on August 24, 2016 and rest on August 24, 2021.

[Related -Apple Inc. (AAPL): How Q1 Earnings Will Fare?]

"The company exceeded the maximum performance goals for both net sales and operating income set by the Compensation Committee for 2012," Apple said. "Accordingly, each executive officer received the maximum payout of 200% of base salary under the performance-based bonus plan."

Shares of Apple are witnessing significant volatility since closing above the $700 mark on Sept. 18, driven by multiple factors including fiscal cliff, locking in gains; China concerns; new product launches and long-term gross margin expectations.

In 2012, Apple's revenue grew 45 percent to $156.5 billion, and net income increased 61 percent to $41.7 billion.

AAPL shares closed Thursday's regular trading at $515.06. Over the past year, the stock has been trading between $400.51 and $705.07.

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