Earlier this week, Apple filed its 2021 proxy statement, including its 2020 executive compensation report. Considering the strong returns Apple stock produced last year, it’s no surprise that Apple’s C-suite executives are in for a nice payday. The cash incentive pool swelled to 179% of the target payout, netting CEO Tim Cook a tidy sum of $10.7 million — a 40% increase over 2019’s payout — due to hitting sales and operating income targets.
What’s important, though, is why Cook earned this outsized pay package. According to the Wall Street Journal, sales of primary computing devices like laptops and iPads powered the bonus pool. In fiscal 2020, revenue attributable to Apple’s Mac category significantly accelerated — from 2% year-over-year growth in the prior year to 11% in 2020 — due to pandemic-related purchases by businesses and students forced to remain at home.