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Apple awards raises to key executives

COO Tim Cook, CFO Peter Oppenheimer, and Mac hardware chief Bob Mansfield will have a little more spending money in 2009.

Tom Krazit Former Staff writer, CNET News
Tom Krazit writes about the ever-expanding world of Google, as the most prominent company on the Internet defends its search juggernaut while expanding into nearly anything it thinks possible. He has previously written about Apple, the traditional PC industry, and chip companies. E-mail Tom.
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Tom Krazit
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Apple COO Tim Cook was among the executives that received $100,000 raises to start Apple's 2009 fiscal year. Apple

Apple awarded three key members of its executive team with $100,000 raises to kick off its 2009 fiscal year.

Chief operating officer Tim Cook, chief financial officer Peter Oppenheimer, and senior vice president of Mac hardware engineering Bob Mansfield will have a little more cash in their pockets this year courtesy of Apple's board of directors, the company revealed in a proxy filing Wednesday. Cook now makes $800,000 a year, while Oppenheimer makes $700,000, and Mansfield makes $600,000.

This was the first raise for Cook and Oppenheimer since October 2005. Mansfield received a raise just prior to his promotion to his current role, and is now the third most-highest paid executive at Apple. Mansfield displaced retail chief Ron Johnson among the group of Apple's highest earners that must report their compensation to the SEC.

All three executives also received large restricted-stock grants during the past year: 200,000, 150,000, and 120,000 for Cook, Oppenheimer, and Mansfield, respectively.

CEO Steve Jobs, of course, still makes just $1 a year. But he holds 5.5 million shares of Apple stock, by far and away the largest amount held by any members of the Apple executive team.

The proxy filing was primarily distributed to set the date for Apple's annual meeting in Cupertino, which will take place on February 25. Four shareholder proposals will be considered regarding whether Apple should report its political contributions, adopt health-care reform principles, publish a sustainability report regarding its environmental policies, and a non-binding resolution allowing shareholders to ratify executive compensation awards.