During 2012 fiscal year for Apple, four of its executives were placed in the top 5 best-paid executives in US. Therefore, four executives with the highest compensation in US work within the Cupertino-based company, and none of them is the company’s chief executive, Tim Cook.
According to the Standard Bloomberg Business Week, Apple senior vice president of technologies, Bob Mansfield; CFO Peter Oppenheimer; general counsel Bruce Sewell; and operations chief Jeff Williams managed to be placed among the best-paid executives in U.S during the fiscal year 2012. As numbers stated, Mansfield takes the first place of the highest-paid group, and he earned more than $85.5 million compensation.
Apparently, Mansfield takes the first place due to an exorbitant payment that it was given last year in order to convince the chief executive to sign another two-year term contract with the Cupertino Company. In case you do not know, Mansfield joined Apple Company in 1999, and now he is the senior vice president of technologies and it leas the wireless product lines.
On the second position, Sewell is placed with total earnings of $69 million in compensation while Williams ranked $68.7 million. On the last spot in the Apple’s top high-paid executives, there is Oppenheimer with $68.6 million in compensation during the fiscal year 2012. In the case of Sewell, Apple’s leading lawyer, the executive is extremely valuable within the company since he protected Apple from multiple patent infringement lawsuits, such as the Samsung Electronic suit from last year.
However, all these high amounts of compensations for the chief executives at the Fruit Company came as a form of stock while all of them earned a base salary of $805,400 per year. According to Apple statement, these compensations are a form of retaining the chief executive team while the company moved from Jobs to Cook leadership. Apple is known as being extremely generous with its employees, especially with all its chief executives working within the company. In this way, Apple is trying to preserve the executives’ team in the same form in order to maintain the status of the most valuable technology company.
The information the Bloomberg study revealed with the top high-paid executives include the base salary, bonus, equity and other benefits for the 2012 fiscal year. In the case of Apple, the fiscal year ended in September. Within the top, Bloomberg tried to compare more than 2,050 executives in 410 companies.
In what concerns Apple’s chief executive Tim Cook, the Apple head owns only a $4.17 million package, which place him on the 1,016th place in the Bloomberg’s statistics. However, Cook also received a $378 million restricted stock award in 2011, so the CEO is not far behind. In the last part, the top highest-paid chief executive in the Bloomberg Business week Study, the CEO of Oracle, is Larry Ellison who earned more than $96.2 million in compensation during 2012.