Tag - Compensation
According to documents filed with the federal Securities and Exchange Commission, Apple CEO Tim Cook earned $10.3 million, which was actually less than most of the other members of Apple's executive team. Cook received his $2 million annual salary, performance bonuses totaling $8 million, and "other"compensation of around $280,000, which may be related to travel and security expenses. The total is approximately $1 million more than he was compensated in 2014, but revenue for the company grew its revenue by $50 billion and net income by $15 billion over the course of fiscal 2015.
Despite a previous dismissal of an earlier version of the lawsuit, a US District Court judge has ruled that Apple must face a trial in a class-action lawsuit over the practice of "bag checks," a standard retail loss-prevention technique that is widespread among retailers. The specific dispute in the case involving Apple was that employees complained they were being detained for up to 15 minutes after their shift had ended, without compensation for the lost time.
While many sufferers would call the move years overdue, Apple has now officially launched a repair program to fix MacBook Pro models sold between February 2011 and February 2013 that exhibited issues with distorted video, loss of video, or unexpected restarts. The program will start tomorrow, February 20 in the US and Canada, and on February 27 in other countries, and will repair the machines at no charge. Additionally, owners who have already paid for repairs may be eligible for compensation.
In a new filing with the SEC, Apple revealed on Thursday that CEO Tim Cook has been able to double his total compensation from that of last year, with the increase based largely on performance bonuses based on how well the company has done over the last year. In addition to $1.75 million in salary, Cook reaped $6.7 million in non-equity incentive compensation for his work. In addition, Apple disclosed in the filing that board member Millard "Mickey" Drexler will retire.
Apple has won in a pair of lawsuits lodged in the summer of 2013 by disgruntled employees that charged the company with a form of "wage theft" by not paying workers while they were being checked during mandatory security and loss-prevention screenings. Citing a Supreme Court decision in a similar case, Federal Court Judge William Alsop ruled that such screenings are not "integral and indispensable" parts of the retail workers' jobs, therefore the plaintiffs were not entitled to compensation for the time spent in such activities.
Though the media generally reports that Apple CEO Tim Cook has "earned" hundreds of millions of dollars in compensation, in fact most of the money attributed to Apple's chief is theoretical, and comes in the form of stock options or Restricted Stock Units -- potential rewards Cook may never see, and won't vest for years to come. For 2013, Cook's actual yearly compensation package totalled $4.3 million, a slight rise from the $4.17 million he made last year, his first full year as CEO.
Silicon Valley companies have long used restricted-stock units and other "equity grants" either as rewards and compensation or as incentive to improve the value of a company. During the dot-com boom of the late 90s, stock options and other similar perks were common. The Wall Street Journal reports on a study by compensation-research firm Equilar that shows that Apple has ended up granting two of the largest equity grants in the history of tech companies.
Apple's CEO Steve Jobs dropped from No. 1 to No. 11 on Forbes' list of Top Paid Tech CEOs, while Larry Ellison (Oracle, $192m), Nabell Gareeb (MEMC Electronic Materials, $80m), John Chambers (Cisco, $55m), Mark Hurd (HP, $28m), Jen-Hsun Huang (Nvidia, $25m) were among the top (respectively). In 2006, Jobs took home a staggering $646 million (mostly bellied by his stock package), while Jobs "only" received $14.6 million in compensation. The publication notes that the percentage of top paid tech CEOs among the top 100 most richly compensated CEOs has decreased considerably and Tech CEOs no longer dominate the latter.
Apple has officially announced its annual meeting of shareholders, where stockowners will elect the company's Board of Directors and ratify the appointment of KPMG LLP as Apple's independent registered public accounting firm for fiscal year 2008. Also on the agenda are considerations for two shareholder proposals, which are listed below. The meeting is scheduled to take place on March 4th at 10:00 a.m. local time in Building 4 on the company's Cupertino campus.
Now AAPL Stock: 111.03 ( + 1.08 )
Cirrus creates Lightning-headphone dev kit
Apple supplier Cirrus Logic has introduced a MFi-compliant new development kit for companies interested in using Cirrus' chips to create Lightning-based headphones, which -- regardless of whether rumors about Apple dropping the analog headphone jack in its iPhone this fall -- can offer advantages to music-loving iOS device users. The kit mentions some of the advantages of an all-digital headset or headphone connector, including higher-bitrate support, a more customizable experience, and support for power and data transfer into headphone hardware. Several companies already make Lightning headphones, and Apple has supported the concept since June 2014. http://bit.ly/29giiZj
Apple Store app offers Procreate Pocket
The Apple Store app for iPhone, which periodically rewards users with free app gifts, is now offering the iPhone "Pocket" version of drawing app Procreate for those who have the free Apple Store app until July 28. Users who have redeemed the offer by navigating to the "Stores" tab of the app and swiping past the "iPhone Upgrade Program" banner to the "Procreate" banner have noted that only the limited Pocket (iPhone) version of the app is available free, even if the Apple Store app is installed and the offer redeemed on an iPad. The Pocket version currently sells for $3 on the iOS App Store. [32.4MB]
Porsche adds CarPlay to 2017 Panamera
Porsche has added a fifth model of vehicle to its CarPlay-supported lineup, announcing that the 2017 Panamera -- which will arrive in the US in January -- will include Apple's infotainment technology, and be seen on a giant 12.3-inch touchscreen as part of an all-new Porsche Communication Management system. The luxury sedan starts at $99,900 for the 4S model, and scales up to the Panamera Turbo, which sells for $146,900. Other vehicles that currently support CarPlay include the 2016 911 and the 2017 models of Macan, 718 Boxster, and 718 Cayman. The company did not mention support for Google's corresponding Android Auto in its announcement. http://bit.ly/295ZQ94
Apple employees testing wheelchair features
New features included in the forthcoming watchOS 3 are being tested by Apple retail store employees, including a new activity-tracking feature that has been designed with wheelchair users in mind. The move is slightly unusual in that, while retail employees have previously been used to test pre-release versions of OS X and iOS, this marks the first time they've been included in the otherwise developer-only watchOS betas. The company is said to have gone to great lengths to modify the activity tracker for wheelchair users, including changing the "time to stand" notification to "time to roll" and including two wheelchair-centric workout apps. http://bit.ly/2955JDa
SanDisk reveals two 256GB microSDXC cards
SanDisk has introduced two 256GB microSDXC cards. Arriving in August for $150, the Ultra microSDXC UHS-I Premium Edition card offers transfer speeds of up to 95MB/s for reading data. The Extreme microSDXC UHS-I card can read at a fast 100MB/s and write at up to 90MB/s, and will be shipping sometime in the fourth quarter for $200. http://bit.ly/294Q1If
Apple's third-quarter results due July 26
Apple has advised it will be issuing its third-quarter results on July 26, with a conference call to answer investor and analyst queries about the earnings set to take place later that day. The stream of the call will go live at 2pm PT (5pm ET) via Apple's investor site, with the results themselves expected to be released roughly 30 minutes before the call commences. Apple's guidance for the quarter put revenue at between $41 billion and $43 billion. http://apple.co/1oi1Pbm
Twitter stickers slowly roll out to users
Twitter has introduced "stickers," allowing users to add extra graphical elements to their photos before uploading them to the micro-blogging service. A library of hundreds of accessories, props, and emoji will be available to use as stickers, which can be resized, rotated, and placed anywhere on the photograph. Images with stickers will also become searchable with viewers able to select a sticker to see how others use the same graphic in their own posts. Twitter advises stickers will be rolling out to users over the next few weeks, and will work on both the mobile apps and through the browser. http://bit.ly/29bbwUE