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|31st December 2012, 11:17||#1|
Join Date: May 2010
Apple's Tim Cook loses 99 per cent of iSalary
While you are worried about surviving on your double Christmas salary until the accounts department opens in January, you might want to dedicate five nanoseconds to the woes of Tim (Captain) Cook.
The CEO of Apple, should be making a killing, but the poor lamb has seen his income fall by 99 percent over the last year.
Cook earned $4.17 million in 2012 which is down from $378 million he collected in 2011.
Apple said in a federal filing that the 2012 salary was lower than 2010 pay when he was serving as Apple's chief operating officer. Indeed it looks like taking over Apple was bad for his bank balance.
Sadly it is not as bad as it sounds Cook did not receiving any stock awards for 2012 because he was handed more than $375 million in stock awards the year before.
The 2012 package instead includes a salary of $1.4 million and a bonus of $2.8 million. Cook's base salary actually increased compared with the $900,000 he earned in 2011.
Apple's shares are 35 percent higher than when Cook assumed the CEO role. But this year they fell more than 27 percent since October, when shares climbed to $700.
Analysts are worried that Jobs' Mob is losing its momentum and the company is falling behind in terms of innovation.
While Apple's iPhone is still the world's leading single branded smartphone, more than 75 percent of smartphones sold use Google's Android. Android phones are now coming out with radical features which eclipse the iPhone including the novelty of having mapping software which works and can tell you the time.
In the last two weeks Apple has substantially scaled back its orders for iPhone components suggesting it may manufacture fewer devices than previously expected.
Cook has also failed to stop the stupid Apple versus Samsung patent war which was started by his prdecessor and has now blighted the whole industry. So far Apple has not stopped any Android company suffering too much from its patent antics, other than HTC which paid it large sums of money to go away.
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