Apple today filed its definitive proxy statement for 2018 with the SEC. In addition to confirming the date of the annual shareholders meeting, the document offers interesting details on AAPL executive pay for 2018, growth stats, and more.
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As for AAPL executive pay, Tim Cook earned $15.68 million in 2018, up from the $12.83 million he earned in 2017. This consists of a $3 million base salary, $12 million in non-equity incentive compensation, and $682,00 in “other compensation.”
As usual, other Apple executives out-earned Cook for the year due to stock awards. Apple CFO Luca Maestri earned $26.51 million in 2018, consisting of $1 million in salary, $21.5 million in stock awards, and $4 million in incentive pay.
If, however, you factor in stock awards, Cook received a $121 million payout. This brings his total 2018 earnings to $136.68 million. Cook has said that he will be giving away the majority of his fortune through a systematic approach to philanthropy.
Here is the full breakdown of Apple executive compensation for 2018, as well as comparisons to 2016 and 2017:
Elsewhere in the statement, Apple says that its median employee compensation for 2018 was $55,426. The ratio of Cook’s income to the median income is 283 to 1, Apple says. The reason for Apple’s lower median pay is because of its vast fleet of retail employees, as noted by Kif Leswing on Twitter.
Apple touts that net sales in its fiscal 2018 year were up 16 percent compared to 2017, from $229.2 billion to $265.6 billion. Operating income was up 16 percent as well, from $61.3 billion to $70.9 billion.
Other “achievements and milestones” mentioned by Apple include the shipment of the 2 billionth iOS device, weekly Today at Apple sessions crossing 18,000, $37 billion in Services net sales, and more:
- Achieved new net sales and earnings records in every single quarter
- Drove double-digit net sales growth in each of our geographic segments
- Returned almost $90 billion to our investors in dividends and share repurchases
- Grew the number of paid subscriptions more than 50% to over 330 million
- Celebrated the 10th anniversary of the App Store
- Topped $100 billion in cumulative amounts paid to App Store developers
- Achieved 100% renewable energy in our global facilities and launched a fund to invest in clean energy solutions with our suppliers
- Signed on as Malala Fund’s first laureate partner to support girls’ education
The filing also mentions that Apple spent $310,981 on personal security for Tim Cook. Further, $294,082 was spent on private aircraft flights for Cook. As we reported at the time, Apple started requiring Cook to fly private for security reasons in 2017.
Read Apple’s full filing with the SEC here.
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