London: Tim Cook, tech giant Apple’s chief executive, has taken a 99 percent pay cut this year after receiving record compensation in 2011.
Cook will receive 4.17 million dollars for the past 12 months after pocketing 378 million dollars last year, the iPhone maker said.
According to the Telegraph, that award was inflated after Apple handed Cook stock options that he will be able to cash out at intervals over the next decade.
The steep decline in annual compensation comes as Cook, who took over as chief executive from Apple co-founder Steve Jobs in 2011, faces growing pressure from Wall Street to sustain the company''s stellar growth rate, the paper said.
According to the paper, Cooks’ overall annual compensation dropped this year, but Apple lifted his salary to 1.36 million dollars from the 900,000 dollars he got in 2011.
The remainder of his compensation for 2012 is 2.8 million dollars that comes from a separate incentive plan, the paper added.
First Published: Friday, December 28, 2012, 10:19