Apple’s CEO earns over $14 million annually – net worth now exceeds $1 billion

Tim Cook iPhone 13 series

When it comes to finances, Apple is one of the richest smartphone makers in the world. Apple recently submitted a proxy statement to the US Securities and Exchange Commission (SEC). The reports list the remuneration of the company’s executives last year. Among them, Apple’s CEO Cook has an annual salary of more than $14 million US dollars.

Tim Cook WWDC 2020
Apple’s CEO, Tim Cook

The statement points out that  Apple’s CEO basic salary is $3 million. However, his performance award is $10.731 million (may fluctuate from year to year). He also gets other compensations to the tune of 1,038,200. Looking at 2020, his annual salary is approximately US$14,769,300.

“Other compensation” is mainly life insurance, vacation expenses, security expenses, and travel expenses. It is worth mentioning that Apple attaches great importance to Cook’s safety, and Cook’s 2020 security costs are $470,000. Also for safety, Apple requires Cook to use private jets for travel, so Cook’s personal air travel expenses last year were as high as $430,000.

In addition to the above salary, in September 2020, Cook also received stock incentives worth more than $100 million. This requires him to continue to serve as Apple’s CEO until 2025. According to calculations, as of 2020, Cook’s net assets exceed $1 billion.

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Apple to produce at least 95 million iPhones in H1 2021

In October last year, Apple officially launched its first-ever 5G smartphones, iPhone 12 series. While the iPhone 12 and iPhone 12 Pro has been in the market since launch, the iPhone 12 Pro Max and iPhone 12 mini have been on the shelves for about two months. However, there are reports that the demand for the iPhone 12 series is very strong. The iPhone 12 Pro seems to be the most attractive device in the series.

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iPhone 12 Mini

The strong demand for iPhone 12 means that Apple needs to increase production in the first half of this year to meet strong market demand. According to Apple’s supply chain, the American company has already placed orders for the first half of the year. The orders show that Apple will produce 95 million to 96 million units, mainly the iPhone 12 series in H1 2021. However, the company will also produce many iPhone 11 and iPhone SE phones.

Apple’s 95 million to 96 million iPhones orders for H1 2021 means that production will increase significantly compared with the same period last year. According to reports, the production orders increased by 30% relative to the same period in 2020. The increase in the iPhone order is basically because of the strong demand for the iPhone 12 series. This puts a lot of pressure on Apple to expand production.

Apple’s latest orders mean that the performance of its contract manufacturers and component suppliers will increase. An Apple iPhone supplier said that the production plan for the next quarter and the following quarter has been determined and the prospects are quite bright.

Source/VIA :
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