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tinyfav.com April 23, 2018


Apple raises pay for Tim Cook, other top executives

29 December 2017, 01:08 | Hattie Nash

Tim Cook's iPhone success has paid off

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Furthermore, the proxy statement shared by Apple with the United States Securities and Exchange Commission also further went on to state that Apple's board now requires Tim Cook to make use of a private aircraft to fulfill their business and personal travel.

As if that weren't enough, at the behest of Apple's Board of Directors, Cook was also required to fly around for official business exclusively on a private jet this year, and will continue to moving forward, the report added. This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO.

It won't be the first time an Apple CEO has flown private. But even as the leader of the world's most profitable company, Cook has held out until this year, as last year's proxy filing doesn't mention any private flights, just the occasional chartered plane. He owns 560,000 shares awarded to him in 2011 that vested in fiscal 2017, valued at $89.2 million.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year.

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The company is heavily dependent on the success of iPhones, which account for more than two-thirds of its total revenue.

And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018.

The company has made a decision to spend after Cook's security as well. Separately, his received a massive increase in his annual bonus, thanks to earnings rebound for the company. This makes his total compensation package of 2017 as being somewhere around $102 million. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.

As a result, the value of Cook's compensation also included "security expenses in the amount of $224,216" and "personal air travel expenses in the amount of $93,109".



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