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5:37 am
Fri December 28, 2012

SEC Filing Reveals Apple CEO's Pay Package

Originally published on Fri December 28, 2012 6:14 am

Transcript

DAVID GREENE, HOST:

NPR's business news starts with a big pay cut.

(SOUNDBITE OF MUSIC)

GREENE: Apple hit a big milestone this year when it became the most highly valued public company in history. So it may be a surprise to hear that Apple's CEO, Tim Cook, saw a big dip in salary - like, a 99 percent dip.

Documents filed with the government yesterday show Cook made just over $4 million this year. Last year, he was given a package worth $378 million. Of course, the bulk of that was stock, which will vest over the next decade. So what seems like a massive pay cut on paper, isn't quite as dramatic as it sounds. Transcript provided by NPR, Copyright NPR.