CUPERTINO — Several top Apple executives endured reductions in their total compensation during 2019, but they were able to assuage the impact after they harvested handsome windfalls through the sale of previous stock packages, according to a regulatory filing on Friday.
Tim Cook, Apple’s chief executive officer, reported total direct compensation in 2019 of $11.6 million, which was down 26.3 percent from the CEO’s compensation of $15.7 million in 2018, documents posted with the Securities and Exchange Commission show.
Apple’s top boss also harvested a windfall of $113.5 million in gains from the sale of stock packages the company’s top boss had been awarded previously.
Cook, however, has been donating components of his compensation to a considerable extent, according to the CEO and regulatory filings.
On Jan. 2, Cook, in an SEC filing, revealed that he donated 6,880 shares to an undisclosed charity, effective Dec. 27. The shares were valued in the range of $2 million.
Several other top executives at Cupertino-based Apple also reported reductions in their total direct compensation in 2019, the SEC documents showed. Total direct compensation consists of an executive’s base salary, bonus, incentive pay, stock packages, and miscellaneous other pay.
Luca Maestri, chief financial officer, reported total direct compensation of $25.2 million, down 4.9 percent from the year before, the SEC files showed.
Kate Adams, Apple’s general counsel, captured $25.2 million in total compensation in 2019, down 5.5 percent from 2018.
Jeff Williams, chief operating officer at Apple, was awarded $25.2 million in executive pay last year, a reduction of 5 percent from the year before.
Angela Ahrendts, Apple’s former senior vice president in charge of retail, received $22.3 million in total direct compensation, down 16.1 percent from the year before.
After Cook’s windfall gains from the sale of prior stock packages, the next-largest gains from the sale of stock were harvested by Maestri, Williams, and Ahrendts. They each captured gains from the sales of previously awarded stock packages that totaled $51.7 million, the SEC files showed.
Apple’s annual meeting of shareholders is scheduled for Feb. 26 at 9 a.m. in the Steve Jobs Theater at the company’s new Apple Park campus in Cupertino.
