Apple chief executive officer Tim Cook has received $15.7 million or nearly Rs 111 crore, registering 22 percent hike, as his total compensation for the year 2018.
The total salary of Apple CEO includes a base salary of $3 million, $12 million bonus and $680,000 in other compensation that includes private air travel and security expenses.
Apple’s compensation committee cited the company’s strong sales performance over the year in justifying the bonus.
Apple has achieved net sales of $265.6 billion and operating income of $70.9 billion in 2018, each representing 16 percent growth.
The Compensation Committee of Apple determined that no downward adjustments to the payouts would be made based on Apple’s 2018 performance and the individual contributions of our named executive officers and approved the maximum total payout at 400 per cent of annual base salary.
Tim Cook, according to media reports, received $12.8 million in 2017 and $8.7 million in 2016 as the full compensation.
Last week, Apple announced a steep cut in its revenue outlook for the last quarter of 2018, citing economic deceleration in China and emerging markets.
Apple is fourth behind Amazon, Microsoft and Google parent Alphabet in terms of market capitalisation.
Apple has lost the number two position in the global smartphone market to China-based Huawei. Recently, Huawei said its smartphone shipments reached nearly 200 million in the year 2018.