Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple Boosts Pay of CEO Tim Cook, Other Executives

The board of directors of Apple Inc. has told their CEO Tim Cook that he must fly a private jet when traveling, whether it is for work or pleasure.

"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO", Apple said in the shareholder proxy statement filed late on Wednesday.

Cook's pay totaled $9.33 million in incentive pay for the year ending on September 30th. Facebook CEO Mark Zuckerberg and Disney CEO Bob Iger both rely on private planes for all their personal travel, according to the most recent company filings for each.

Yet Cook's previous stock awards vested in 2017 were worth an additional $89 million for the CEO, according to the filing with the Securities and Exchange Commission. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior.

Apple shelled out $224,216 in incremental private security costs for Cook, including the hiring of personnel for his benefit, the proxy statement said.




Apple's market capitalisation rose to $868bn in November, making it the world's most valuable publicly-traded company.

The company bounced back in 2017, spurred on by impressive Watch sales and the release of three new iPhones; its stock performance mirrored Cook's compensation increase, running 47 percent since January 1.

Of that total, only US$3,057,692 came from Cook's base salary, which was about the same as the year before. The personal travel costs are added to Cook's overall taxable income for the year. He's still actually the lowest paid among his executive team, who all make around $24 million a year.

Cook's predecessor, the founder of Apple Steve Jobs had his own private jet that was gifted to him during 2000 by Apple.

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