Apple CEO Tim Cook has taken a 99 per cent pay cut for the past 12 months, new figures from the Cupertino company have confirmed.
Having received record compensation in 2011, Cook is set to receive $4.17 million (£2.6m) for his work in 2012, a figure that represents a steep decline in annual earnings in his first full year of replacing the now deceased Steve Jobs as Apple CEO.
Although Cook's earnings have dropped 99 per cent during the past 12 months, a period that has seen the company become the most valuable in history, his annual salary has actually increased to $1.36 million, up from $900,000 in 2011.
Taking home a staggering $378 million in 2011, Cook’s last year earnings were bolstered by hefty stock options that will see the Apple CEO able to cash out shares in the company at regular intervals over the next decade. Despite becoming the most valuable company in history earlier this year, Cook now faces increasing pressure from Wall Street to maintain Apple’s unrivalled growth with shares in the company plummeting 30 per cent since their September high.
With industry analysts currently cutting Apple’s quarterly growth rates, Cook’s 2012 salary of $1.3 million has been bolstered by a separate incentive scheme that has seen the executive’s earnings plumped by a not inconsiderable $2.8 million.
Yet another record year for the iPod and iMac maker, 2012 saw Apple release a new range of high-end, market dominating products with the long awaited iPhone 5 touching down to topple the Samsung Galaxy S3 and regain Apple’s footing in the lucrative smartphone sector.
Continuing to dominate the tablet sector with both the iPad 3 and iPad 4, 2012 also saw Apple make its first jump into the 7-inch tablet market with the 7.9-inch iPad mini lining up as one of the year’s must-have gadgety Christmas gifts.
Were you impressed by Apple’s output in 2012 or do you feel the Cupertino company is no longer the industry leader it once was? Let us know via the Trusted Reviews Twitter and Facebook feeds or through the comment boxes below.