Apple CEO Tim Cook’s pay jumped in 2020 as remote work boosted profits

Apple said it exceeded its internal financial targets in the last fiscal year, resulting in the company paying 179% of its targeted bonuses to designated officers.

For CEO Tim Cook, that means his cash bonus rose 40% last year to $ 10.7 million, Apple said Tuesday in its annual proxy file with the Securities and Exchange Commission. His bonus was received 36% in 2019 when his salary package fell as revenue and profits fell due to poor iPhone sales.

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In the past fiscal year, despite a global pandemic disrupting economies around the world, Apple’s profits rose 3.9% as sales of laptops and iPads benefited from workers and students stranded at home as part of efforts to slow the spread of Covid-19. Apple’s stock price increased by more than 80% in 2020, placing its market value at over $ 2 trillion.

In addition to his compensation, Mr. Cook had a total of $ 281.9 million in restricted shares awarded during the year. These shares were a core part of Mr Cook’s long-term incentive package that was awarded in 2011 when he became CEO. It will receive the final tranche of the ten-year plan later this year.

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In September, Apple’s board of directors awarded a new long-term equity plan to Mr Cook with outstanding shares from 2023 through 2025, giving him an incentive to remain as CEO during that period. Mr. Cook, 60, joined Apple in 1998.

Also on Tuesday, Apple said that Monica Lozano, the newspaper’s former editor and publisher, was elected to the company’s board of directors, adding a prominent Hispanic business leader to the current group of eight directors. Ms Lozano is currently CEO of the College Futures Foundation, previously running the Spanish-language newspaper La Opinión and later chairing the parent company ImpreMedia.

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According to an Apple dealer’s filing, Mr Cook’s total wages for 2020, excluding shares acquired, were $ 14.8 million, including a cash bonus and $ 3 million salary that was unchanged from the previous year. The package included $ 470,246 for security costs and $ 432,564 for air travel. The company requires Mr. Cook to use private jets for all business and personal travel.

Write to Tim Higgins at Tim.Higgins@WSJ.com