Tim Cook Must Now Fly Private Jet For "Security" Reasons: Apple Inc

29 December, 2017, 01:07 | Author: Marie Harrington
  • Tim Cook’s pay has risen as a result of strong demand for the iPhone 7 Macbook Pro and iPad Pro

It's a good year to be Apple's CEO.

In integration to covering compensation of the executive, statement of today's proxy also states that board of Apple now needs Tim Cook; Apple CEO to use private aircraft for all kinds of business and even personal travels.

The 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".

Cook also benefited from a generous share award, banking $89.2 million Dollars worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011.

In addition to his $9.33 ($A11.9 million) million bonus, Cook receives a $US3.06 million ($A3.8 million) salary and $89.2 million in Apple stock, for a total of $US102 million ($A130 million) this year alone. 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.

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

The company has made a decision to spend after Cook's security as well.

Cook's personal travel cost came to $93,109 in fiscal 2017, according to the filing.

"Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer's annual cash incentive", the company's filing said. "Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series", Counterpoint said. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072. That brings Cook's total compensation for 2017 to a whopping $102 million.

The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

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