Apple CEO Tim Cook’s pay declined slightly in 2019 due to a change in the iPhone maker’s payout plan, even as the company’s stock reached all-time highs.
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Cook, 59, earned about $11.56 million in non-equity compensation for the year, according to public records. The total marked a 26 percent decline compared to 2018, when the longtime Apple CEO earned nearly $15.7 million.
The downtick despite Apple’s strong performance was attributable to a change in target payouts for all company executives. Cook and his colleagues received 128 percent of his target-based payout in 2019, compared to 200 percent in 2018.
“In 2019, Apple’s performance exceeded the target performance goals for both net sales and operating income, resulting in a total payout of 128% of the target payout opportunity for each named executive officer,” Apple said in an SEC filing.
Cook’s base salary of $3 million remained unchanged compared to the previous year. Apple shares hit $300 for the first time in late December and closed at $297.43 on Friday.
The company’s stock rose by nearly 90 percent in 2019.
Apple’s filing noted the company contributed $457,083 in personal security services for Cook and $315,311 toward his air travel.
Apple chief financial officer Luca Maestri received $25.2 million, much of which stemmed from stock awards. Cheif operating officer Jeff Williams and general counsel Kate Adam also received roughly $25.2 million.