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Apple raises Tim Cook's pay; rejects Icahn's buyback proposal
Published in Saudi Press Agency on 28 - 12 - 2013


Apple CEO Tim Cook was paid 4.25 million
dollars in 2013, the company reported Friday in a regulatory filing, according to dpa.
The compensation was more or less the same as the 4.2 million Cook
earned in 2012. But it represented a dramatic drop from the 510
million dollars worth of stock options that Cook was granted in 2011
when he took over the company.
Cook's 2013 compensation could have been higher, but the board
decided to dock some 10 per cent of the 72,000 shares that Cook was
scheduled to receive to reflect the company's poor stock market
performance.
Cook's package did however include a 2.8 million dollar bonus to
reflect the fact that the company met all its operational performance
goals, the filing said.
Apple's filing also revealed that activist shareholder Carl Icahn had
tabled a motion for the company's annual general meeting on February
28 for Apple to increase its share buy back program to 50 billion
dollars in 2014.
The company already has a long-term share buyback program worth 100
billion dollars, and spent 23 billion dollars on it in 2013,
according to the proxy filing.
According to the board, there is no reason to increase the buyback
commitment at a time when Apple's cash reserves may be needed to buy
up other companies or develop new technologies.
"The board believes that the company's management team and board are
in the best position to determine what is in the best long-term
interest of the company's business and recommends a vote AGAINST this
proposal," the filing read.


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