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Friday
Dec282012

Apple’s Tim Cook Takes 99% Pay Cut

Justin Sullivan/Getty Images(WASHINGTON) -- The world’s most valuable company, Apple Inc., gave CEO Tim Cook a 99 percent pay cut in 2012, according to documents filed with U.S. securities regulators.

The CEO, who has been at the helm of the Cupertino-based company since founder Steve Jobs died in Oct. 2011, saw his compensation decline because he got no stock award this year. However, he did get a 51 percent increase in salary and bonus.

According to documents filed to the Securities Exchange Commission Thursday, Cook earned a salary of $1.36 million and received a cash bonus of $2.8 million, making his compensation for the year $4.2 million.

Compensation for Cook is down after the CEO was awarded one of the highest compensation packages on record in the prior year.  In 2011, Cook received $376.2 million in stock, which boosted his pay package to $378 million.

Copyright 2012 ABC News Radio