Apple's Tim Cook becomes highest-paid CEO

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WASHINGTON: Apple Inc's Tim Cook was the highest-paid chief executive officer in the US last year as compensation gained 2 per cent overall from 2010, the New York Times reported.

Cook received about $378 million, which includes salary, perks and bonuses ($1.8 million) and a one-time stock award ($376.2 million), that extends over 10 years. One-half of the award vests in 2016 and the other in 2021, the newspaper said.

Larry Ellison of Oracle Corp was second with $77.6 million, followed by J C Penney Co. (JCP)'s Ronald Johnson, at $53.3 million, the Times said. The median total compensation for US CEOs rose to $14.4 million, the newspaper said, citing the survey by executive compensation tracker Equilar.

Viacom Inc's Philippe Dauman, who was No. 1 in the survey last year, was fourth this year with $43.1 million, followed by Honeywell International Inc's David Cote, who received $35.3 million, the Times said. Stephen Chazen of Occidental Petroleum Corp was paid $31.7 million and was sixth, the newspaper said.

Seventh through 10th, respectively, were Robert Iger, Walt Disney Co, $31.4 million; Clarence Cazalot Jr, Marathon Oil Corp, $29.9 million; Alan Mulally, Ford Motor Co, $29.5 million; and Rupert Murdoch, News Corp, $29.4 million.

Equilar's study for the newspaper covered the 100 most compensated executives at public companies with annual revenue of more than $5 billion and had filed proxy statements by March 30, the Times said.

Equilar analyzed base salaries, cash bonuses, perks, stock awards and stock options for the newspaper.

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