Apple CEO Tim Cook's salary more than doubled in 2014

Apple CEO Tim Cook

Technology major Apple increased the salary of CEO Tim Cook more than double after the company's stock increased to record valuation in 2014. The stock market performance and the robust Apple results have been attributed to the successful launch of its latest smartphone models.

According to a stock exchange filing, Cook received $9.22m in total compensation in fiscal year 2014, together with salary of $1.75m and $6.7m in non-equity incentive compensation.

Cook received a pay package of $4.25m in the previous fiscal year. He joined Apple in 1998 and succeeded co-founder Steve Jobs CEO in August 2011. Cook received one of the biggest pay packages on record in 2011 i.e. $378m.

In September, Apple revealed its latest smartphone models, iPhone 6 and iPhone 6 Plus, before launch of its slimmer iPad tablets in October. The devices were sold like hot cakes and beat sales records of their predecessors.

In November, Apple shares increased to a record price of $119.75 and took the company's market capitalization to more than $700bn and made it the first US company to reach that level. On 22 January, Apple shares closed at $112.4, up 2.6%.

Apple has introduced a mobile-payment system called Apple Pay, which according to the company, will make payments more convenient. The company is prepared to unveil its first smartwatch called iWatch in 2015. Apple reported net income of $39.5bn, an increase from $37bn in 2013 for fiscal year 2014 that ended in September.

For the final three months of 2014, Apple predicts its revenue between $63.5bn and $66.5bn. It is scheduled to report its first-quarter earnings on 27 January.

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