Apple CEO Gets 74% Bonus Boost After Earnings Rebound

Apple CEO Tim Cook received a 74 percent increase in his annual bonus for fiscal 2017 as the iPhone maker posted higher revenue and net income, after a rare decline a year earlier, according to Bloomberg.

Cook’s incentive pay totaled $9.33 million for the year ended Sept. 30, the company said in a regulatory filing. He also took home $3.06 million in salary and a previously disclosed equity award of $89.2 million, bringing his total payout for the year to about $102 million.

His top five lieutenants each got bonuses of $3.11 million, bringing their total compensation to about $24.2 million each, including salaries and stock awards. The equity compensation is composed of shares that vest solely based on the executives’ continued employment and others tied to the performance of Apple’s stock compared with other S&P 500 companies.

Apple has increased the proportion of performance shares in its equity awards, which boosts potential future earnings for the executives if the company outperforms its S&P 500 peers. History suggests that could be a good deal for them.

Apple shares returned 39 percent in fiscal 2017, more than double that of the S&P 500. In November, shortly after the start of the current fiscal year, the company released iPhone X, a long-awaited upgrade to its flagship product. Analysts said they expect the new handset to help accelerate revenue growth. Cash bonuses for the executives paid out above their target as the company beat net sales and operating income goals.