According to a report on Thursday, Apple CEO Tim Cook's compensation in 2021 was 1,447 times that of the average employee at the tech giant, propelled by stock awards that helped him earn about $100 million.
According to Apple, the median pay for employees in 2021 was $68,254, with a new median employee chosen for comparison due to changes in hiring and compensation.
In 2020, the median compensation was $57,783, with a pay ratio of 256 times Cook's wage.
Over the last two years, the iPhone maker has benefited from the increasing demand for its products and services as people working from home upgrade their devices. Apple's fiscal year 2021 sales increased by more than 30% to $365.82 billion, causing the stock to momentarily surpass $3 trillion in market capitalization.
Cook received $82.3 million in stock awards, $12 million for meeting Apple's targets, and $1.4 million for air travel, 401(k) plan, insurance premiums, and other expenses. His compensation stayed at $3 million.
He received a total of $98.7 million, compared to $14.8 million in 2020.
Cook took over as CEO in August 2011 when Steve Jobs, the company's founder, stepped down months before his death. Since then, Apple's stock has increased by over 1,000%.
Cook received 333,987 restricted stock units in September as part of a new long-term equity plan, his first stock grant since 2011. In 2023, he will be eligible for additional units based on his performance.
According to the Economic Policy Institute's report, CEOs in corporate America were paid 351 times as much as a regular workers in 2020.