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?

By Jonathan Berr Apr 16, 2013 7:19AM

Credit: © Apple/dapd/AP
Caption: Peter OppenheimerFour 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.

 

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