Details Emerge from Apple's New Preliminary Proxy Statement
On Thursday, MMi's Akshay Masand reported
that Apple CEO Tim Cook’s total compensation for 2012 was $4.17 million. The year's pay is down 99% from 2011 because of a lack of stock awards. This revelation was one of many contained in Apple's new preliminary proxy statement, which is beginning to expose a number of interesting tidbits about the Mac maker.
In October, for example, Apple put forward an across-the-board 2013 base salary increase for executive officers. Their yearly pay was raised from $800,000 to $875,000. The bump-up came as part of Apple's effort to "recognize the additional responsibilities" now incumbent upon Apple's core leaders.
Apple's "bonus program" for senior executives is also alive and well. Based on the language used to describe the program, the arrangement allows for targeted and maximum bonuses of between 100% and 200% - but whether or not the bonuses are awarded depends on the overall fiscal health, well-being, and performance of the company.
Contained in the filing was also a date and time confirmation of the 2013 Annual Meeting of Shareholders, which will take place at Apple's 1 Infinite Loop headquarters on February 27, 2013 at 9:00 a.m. PST.
To review the entire filing on the SEC webpage, click here