Apple CEO Tim Cook's Compensation Falls to $4.2 Million

Tim Cook
Tim Cook
 Justin Sullivan/Getty Images

Apple CEO Tim Cook's compensation for its latest fiscal year dropped sharply from last year when it was boosted by stock awards of $376.2 million.

For the latest fiscal year, Cook earned $4.2 million, down more than 98 percent from $378 million a year earlier, according to a regulatory filing late Thursday.

His salary rose to $1.4 million from $900,000.

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Cook, who became CEO in August 2011, did not get stock awards for the latest year as the tech firm awards them only every other year. Former Apple boss Steve Jobs died in October 2011 of pancreatic cancer.

Despite the drop in salary, Apple had a strong year, bolstered by the introduction of the iPhone 5, iPad Mini and new ultra-thin iMac desktop computer.

On the strength of the iPhone 5 and earlier iPhone 4S, Apple increased its share of the U.S. Smartphone market from 35.8 percent to 53.3 percent over the last year, with the company's iOS operating system displacing Android as the no. 1 smartphone operating system.

The iPad Mini is also reported to be a strong seller, with only early supply constraints holding back sales. Analysts expect the company to sell about 8 million Minis this holiday season.

Cook has had a few missteps over the year as well, most notably the decision to drop Google as the default map program on iPhone in favor of Apple's proprietary app.

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The buggy Apple maps app did not function up to consumer expectations, lacking detail, public transportation directions and misplacing or misidentifying landmarks.

The public uproar led Cook to publicly apologize in a letter to users. "With the launch of our new Maps last week, we fell short on this commitment. We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps better."

The Map fiasco was followed by a shakeup in Apple's executive ranks, with iOS head Scott Forstall and retail chief John Browett leaving the company.

Gaining power were design guru Jony Ive, who was put in charge of company-wide human interface design, Eddy Cue leading Siri and Maps and Bob Mansfield taking responsibility for a new group, Technologies.

Apple's stock price closed at $516.06, up .4 percent for the day.

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