Tim Cook, Apple’s Chief Executive has a Greater Than 40% Hike in Salary

Tim Cook, Apple’s Chief Executive has a Greater Than 40% Hike in SalaryTim Cook, the chief executive of the technology giant Apple got a rise in his base salary by almost 43% last year in February, said the company.

The salary of Mr Cook increaser from$1.4m to $2m and the overall remuneration amounted to more than double to whooping $9.2m in 2014.

M Cook became the chief executive of the company in August 2011. The hike in his salary was made for the first after November 2011.

In its annual report, the company said that the base salaries of the other executives also grew by more than 14% to $1m.

Last year the New York listed shares of Apple had touched a record high as the company sold approximately forty million iPhones.

The Cupertino, California-based Company said on Thursday in the report, that the increases in salary were decided after reviewing market data of the "peer company" which was provided by the firms independent compensation consultant.

The bonuses of the executive team were also hiked to a maximum of 400% of the salary of the members.

In November 2014, when the stocks of Apple hit a record high of $119.75, the company was estimated at a worth of greater than $700bn.