4 Apple execs make more than CEO
Earning from $68.6 million to $88.5 million, these guys left the boss's paltry $4.7 million behind in 2012. Will they earn it this year?
Four of Apple's (AAPL) top executives earn more than CEO Tim Cook and many other heads of companies in the S&P 500 ($INX), according to Bloomberg.
Bob Mansfield, the senior vice president of technologies, received $88.5 million in pay last year -- almost all of it in stock. His base salary was $805,400.
The three other well-paid execs include chief lawyer Bruce Sewell, earning $69 million; Jeffrey Williams, the senior vice president of operations, earning $68.7 million; and Peter Oppenheimer (pictured), the chief financial officer, earning $68.6 million.
Cook is a pauper by comparison, earning $4.17 million in 2012, though he earned $378 million in 2011 when he took over for the late Steve Jobs. Most of that came in a restricted stock award that will vest over 10 years.
When things were going well for Apple, the case for paying top executives big money was easy to make because otherwise they might have been lured away. The four executives are not affected by the recent 20% plunge in Apple's shares because their stock-based compensation was based on the price in November 2011. The shares vest this year and in 2016.
Mansfield is an interesting case. He had planned to retire last year but was talked out of it after members of his team complained to Cook that his replacement, Dan Riccio, wasn't up to the job, according to Bloomberg. At 52, Mansfield has many productive years left.
Circumstances for these executives have changed in a short period of time. The company's spectacular rise in recent years following a string of runaway successes -- the iPod, iPhone and iPad -- is yesterday's news. If Mansfield, Swell, Williams and Oppenheimer fail to deliver for shareholders this year, their achievements of the past decade aren't going to mean much for investors who always want to know what's been done for them lately.
Jonathan Berr does not own shares of Apple. Follow him on Twitter at @jdberr.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
A basic income policy can actually ensure a decent standard of living for everyone.
- People left $500,000 in coins at airports last year
- How your driving can affect your credit
- Obamacare projected to cost hundreds of billions less
- November jobs report: Winners and losers
- Student loan debt climbs for 5th year in a row
- Wall Street finally notices Bitcoin
- Part-time workers hurt by on-call system
- 5 myths about late payments and your FICO scores
- Auto loan interest rates hit record low
[BRIEFING.COM] A solid November employment report translated into a solid day of gains for the major averages. While there was some talk that the encouraging job growth raised the odds of the Fed announcing a tapering at its December meeting, the message of the markets today was either that it didn't believe there would be a tapering this month or that it doesn't fear a tapering this month.
It was just one day, yet there was ample meaning wrapped up in the connection that the 10-yr ... More
More Market News
The Fed may start tapering in just a few months. Here are a few of the likely winners and losers.