Apple Chief Tim Cook's Bonus Now Depends on Stock Performance
Tuesday, Jun 25, 2013 Updated at 7:54 AM PST
Apple chief Tim Cook has volunteered to take a bonus hit depending on how poorly Apple does on the stock market, according to a regulatory filing.
In a Securities and Exchange Commission filing, "Mr. Cook is leading this initiative by example and has the full support of the Board of Directors," according to Bruce Sewell, senior vice president, general and secretary of the board. Cook also requested that there will be no "upside" or bonus boost for surpassing expectations.
However, it's doubtful anyone will shed tears over Cook's loss. He was compensated
$376 million in 2011 and $41.7 million in 2012, according to Mashable. Unfortunately, looking at Apple's recent drop in share prices, it's unlikely that Cook will receive anything resembling a bonus. Apple stock was $402.54 a share at the close on Monday, a steady decline from a high of $705 last September.
Apple has gone through several transitions
since the chief executive resignation and death of founder Steve Jobs, including reorganization, terminations
and accusations of tax evasion
. Part of Apple's business model revolved around putting out new wireless devices each year, but so far there's been no big announcements since the iPhone 5 in September. Either Apple must be hard at work on several exciting products or it has no mojo left.