The financial performance of Apple Inc. in the past fiscal year exceeded the company's internal goals, which allowed it to increase bonus payments to top managers, Interfax reported.

Cash compensation for Apple CEO Tim Cook for fiscal 2020, which ended in September, flew 40% to $ 10.7 million, according to documents sent by Apple to the Securities and Exchange Commission (SEC).

Despite the COVID-19 pandemic, Apple's profits grew by 3.9% at the end of the 2020 fiscal year thanks to a surge in demand for laptops and tablets manufactured by the company at a time when many people globally switched to remote work and distance learning. Apple's capitalization in 2020 soared 80% to over $ 2 trillion.

Last year, Cook acquired $ 281.9 million of Apple shares, which he received with restrictions as part of a long-term incentive package issued in 2011 when he became Apple CEO.

Cook's new incentive plan, adopted in September 2020, provides for the transfer of shares to the Apple head, which will become his property in 2023-2025. This gives Cook an incentive to remain at the head of the company in the coming years, The Wall Street Journal reported.

Cook, 60, has been with Apple since 1998.