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Apple CEO Tim Cook collects $12 million bonus for 2018, his most ever

Source : hindustantimes.com

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Apple Inc Chief Executive Officer Tim Cook collected his biggest-ever annual bonus for fiscal 2018 after the iPhone maker posted record revenue and profit, and its market value temporarily eclipsed $1 trillion.

Cook received a $12 million bonus for the year ended September 29, the Cupertino, California-based company said Tuesday in a filing. He also got a $3 million salary and shares worth $121 million from his 10-year stock award, bringing his total haul to $136 million, along with perks of about $682,000. The bonus was linked to revenue and operating income targets, both of which rose 16% from a year earlier.

Repeating that feat may be challenging. Last week, Apple disclosed lower-than-anticipated demand for iPhones in China and elsewhere, and cut its revenue forecast for the first time in almost two decades. The announcement punished the stock, which has tumbled 12% since then.

Four other Apple executives got bonuses of $4 million, bringing their total pay to about $26.5 million each, including salary and stock awards. Part of the equity is linked to stock-return goals, while the remainder vests as long as the person remains on the job.