Apple boss earns 1447 times more than his employees
Apple chief Tim Cook earned 1,447 times more than the average employee at the tech giant, according to new filings.
The iPhone maker’s revenue rose over 30 per cent to $365.82bn for its fiscal 2021, boosted by a strong demand for its products and the work from home trend.
On the back of this success, its shares to briefly crossed the $3 trillion market cap, further boosting investor confidence.
In 2021, the median pay for employees was $68,254, Apple said, adding it had selected a new median employee for comparison due to changes in hiring and compensation.
The median pay in 2020 was $57,783 and the pay ratio was 256 times Cook’s salary, according to Reuters.
Meanwhile Cook’s salary was $3m last year, and he received $82.3m in stock awards, $12m for hitting Apple’s targets and $1.4m for air travel. In total, he cashed in $98.7m compared with $14.8m in 2020.
Cook took Apple’s reins from Steve Jobs back in August 2011, and the company’s stock has rocketed over 1000 per cent since then.
However, Apple’s story is not uncommon in the corporate American landscape. A report by the Economic Policy Institute revealed that chief execs in the States were paid 351 times as much as a typical worker in 2020.