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Tim Cook, Apple CEO, takes 99 percent pay cut for 2012

Apple chief executive Tim Cook speaks during Apple's

Apple chief executive Tim Cook speaks during Apple's much-anticipated special event to introduce iPad Mini at the California Theatre in San Jose, Calif. (Oct. 23, 2012) Photo Credit: Getty Images

Apple Inc. chief executive Tim Cook will receive compensation for 2012 valued at $4.17 million, down 99 percent from a year earlier because of a lack of stock awards he received for 2011.

The total includes $1.36 million salary and $2.8 million in incentive plan compensation, Cupertino, California-based Apple said today in a regulatory filing. His 2011 compensation of $378 million, one of the biggest pay packages on record, was boosted by $376.2 million in stock awards that he’ll get over a decade.

Shares of Apple, maker of the iPhone and iPad, have dropped 27 percent from a September record amid concerns that the company needs new breakthrough products to fend off rivals Google Inc. and Samsung Electronics Co. Apple co-founder Steve Jobs passed the reins to Cook before his death in October 2011.

Chief Financial Officer Peter Oppenheimer will receive 2012 compensation valued at $68.6 million, up from $1.42 million a year earlier. His 2012 stock awards are valued at $66.2 million.

Apple fell 1.4 percent to $513 at the close in New York Wednesday. Even with the decline since September, the stock is up 27 percent for this year.

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