Apple chief Cook is highest paid CEO in America Apple CEO Tim Cook has hit the executive-compensation trifecta, having slotted in at number one in CNBC's "Highest Paid CEOs" list. After being proclaimed the same earlier this year by The Wall Street Journal and The New York Times, it appears that life at the iTop is quite remunerative, indeed. As CNBC tells it, 52-year-old …
"And since you've been so good to poor old Granny, I'll share a secret with you. This is no ordinary apple. It's a magic wishing apple."
"A wishing apple?"
"Yes. One bite, and all your dreams will come true."
"Really?"
"Yes, girlie. Now, make a wish, and take a bite."
Paris because, well, she's not Snow White.
Whilst the best part of half a biliion dollars over 5 years is indeed chickenfeed to a company like Apple, most of the executive team will be not far behind. I wonder what the total wage bill for the VP and above staff is on a yearly basis.
Apple are not exactly alone here either, every major company, tech or otherwise offer similar extreme pay and bonuses at the executive level. I can understand the creation of extreme wealth when selling a company or floating one that is owned by a small number of people. But to pay a salary that is effective tens of millions a year is surely not justified.
As a 'normal' person who works damn hard for what would be considered a slightly above average salary here in the UK, its difficult to understand what could possibly merit such extreme salaries. I guess it's one of those things thats got out of hand over a long time. I doubt very much that company boards want to give away such enormous amounts of company profit, but if they don't pay it then someone else will pinch your CEO and all their knowledge, vicious circle thats got completely out of hand??
At least Apple is successful at the moment* - similarly inflated sums are paid for failure too which is when it really rankles .
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* Of course the current success may be due to the decisions and actions of his predecessor and Cook himself may be laying the foundations for the ruination of the company; who knows?
In theory, 'shareholders' could put a stop to it. The problem these days is that 'shareholders' are principally bankers and fund managers, who (a) wouldn't get out of bed for less than that; and (b) sit on each others remuneration committees voting themselves ever-increasing largesse from the real shareholders pockets..
Well you need to pay the big bucks to get somebody good.
Our local transit authority decided to hire a big shot corporate CEO from private industry rather than a council worker - and paid $1M/tear salary. But the service has become an expensive series of disasters - a salutory lesson in what happens to a company if you don't pay $50M for your CEO.
I do not like the way Apple has behaved, but, what the hell, as far as I am concerned, I will not loose my sleep over this. Just apply for the job and feel you might have missed the opportunity because your wife or your dog, or your age, or whatever you can think of. Rather concentrate on what Apple is doing, what the products are worth and how they compare to products by competitors,
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