Apple Chief Executive Officer Tim Cook’s annual compensation increased by 28% in 2020 even as the coronavirus pandemic sparked a recession, according to filings.
Tim Cook’s 2020 compensation totaled $14.7 million, which was mainly comprised of performance-based pay, according to Securities and Exchange Commission (SEC) filings released Tuesday, Business Insider reported. While the coronavirus pandemic sparked a recession in the spring, Apple consistently reported positive financial figures including increased revenue and growth throughout 2020.
“Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive,” Cook said in a statement following the company’s most recent quarterly report.
Cook made a whopping $10.7 million in performance bonuses as a result of Apple’s success in 2020, according to Business Insider. In addition, he received $3 million in base salary and $1 million for travel and expenses.
Cook’s performance-based pay represented a 40% increase compared to what he received in 2019, The Wall Street Journal reported.
The SEC filings indicated that Cook earned 256 times as much as his company’s median employee, according to Business Insider, with the median Apple employee making approximately $57,783 in 2020.
Cook officially became a billionaire in 2020, an August Bloomberg analysis showed.