In the past fiscal year, Apple reported that it surpassed its internal financial goals, leading to the payout of 179% of the expected bonuses for top executives. Notably, CEO Tim Cook saw his cash bonus increase by 40% to $10.7 million, bouncing back from a 2019 decrease due to weaker iPhone sales. Despite the global pandemic, Apple's profit rose by 3.9%, driven by increased laptop and iPad sales as people worked and studied from home. The company's share price also surged by over 80%, reaching a market value of over $2 trillion. In addition to his bonus, Cook received $281.9 million in vested restricted stock and a new long-term equity plan. Apple also welcomed Monica Lozano, a prominent Hispanic business leader, to its board. Cook's 2020 pay, excluding vested shares, totaled $14.8 million, including a $3 million salary, security costs, and air travel expenses. Apple mandates private planes for all of Cook's travel, whether business or personal.
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Here's what our users had to say:
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Justin said "Not completely sure what my position is on the flat pay debate but it certainly wouldn't be a good look to be even thinking about lowering salaries for remote employees if you're raking in huge cash bonuses during this WFH period 😮 Having said that, has Apple made an attempt to lower salaries for employees who choose to go remote? I'm only aware of FB trying to do so among the big Silicon Valley tech companies."
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Hrishikesh Pardeshi said "it certainly wouldn't be a good look to be even thinking about lowering salaries for remote employees if you're raking in huge cash bonuses during this WFH period Absolutely! No, I think Apple hasn't decided yet on how remote they are going to be post-Covid (or they are going to be remote at all), so there's been no news about paycuts at Apple. But it would surely spur a hot debate if they even contemplate doing something of the like."