Apple CEO Tim Cook's 99pc pay cut

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Apple Inc CEO Tim Cook’s 2012 compensation package of $4.17 million is a huge cut on paper for the top executive of the most valuable US corporation, after a 2011 package fattened by more than $376 million in long-term stock awards.

Cook received the largest single pay package awarded to a company CEO in about a decade when he replaced Apple co-founder Steve Jobs in August last year, shortly before the Silicon Valley legend’s death in October 2011.

The maker of the iPhone and iPad made the 2012 compensation disclosures in a regulatory filing on Thursday. Cook, 52, has been with Apple since 1998.

News Source: bdnews24.com

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