Apple CEO Tim Cook got $4.2 million in pay for the latest fiscal year, a modest sum compared with last year, when the company’s board set him up with stock now worth $510 million for taking the reins in 2011.
Cook’s pay for fiscal 2012, which ended in September, consisted of $1.4 million in salary, a bonus of $2.8 million, and $17,000 in company contributions to his 401(k) account and life insurance premiums, according to a filing.
Apple Inc.’s board saw no need to give Cook additional shares in 2012 after the sign-on grant of 1 million shares in 2011.
China offering GPS rival to other Asian nations
A Chinese satellite navigation network created to eventually compete with America’s Global Positioning System has started offering services to Asian users outside the country.
The network’s spokesman, Ran Chengqi, said that the Beidou system is offering services including positioning, navigation, time and text messaging to users in the Asia-Pacific region.