SUMMARY
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Apple CEO Tim Cook docked $4 million of his pay in the face of Apple’s underperforming stock price. CNN reported Apple decided to align Cook’s pay with the company’s performance in the S&P 500 index. In its filing, Apple said the decision was made out of a “strong desire to set a leadership example in the area of CEO compensation and governance.” Apple’s stock fell 26% between August 2012 and August 2013, forcing Cook to forfeit 50% of his stock grants at risk. The stock grants were worth $4 million. With Apple’s stocks rebounding, CNN reports Cook may keep the 40,000 shares scheduled to vest in August 2014, valued at about $22.4 million.
Read the full story on CNN.
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