Tuesday, 25 September, 2018

Apple Gives Tim Cook A Big Raise, Requires CEO To Fly Private

The Market In 5 Minutes South Korea Cracks Down On Crypto Tim Cook's Big Payday Jobless Claims Steady Apple Gives Tim Cook A Big Raise, Requires CEO To Fly Private
Scott Davis | 29 December, 2017, 02:09

Apple's CEO since 2011 saw his salary rise to about $12.8 million in fiscal year 2017, which ended in September, from about $8.7 million in the prior fiscal year, according to a SEC filing from Apple on Wednesday. It could have made even more this quarter given it coincides with the launch of Apple's anniversary phone, coupled with increased sales this holiday season - analysts said six million iPhone Xs were sold over Black Friday.

However, Cook isn't the only corporate executive that's required to use a corporate jet for personal travel.

The Board of directors has approved that the CEO must fly on private aircraft whenever he travels, be it for business or personal reasons, a new shareholder proxy statement from Apple has said.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

After the release of the iPhone X, the U.S. tech giant recorded a strong net profit of 19% from a year ago to $10.7 billion in the fiscal fourth quarter to September 30.




Further, the proxy statement says that Cook will have to pay taxes anytime he uses an Apple private jet for personal travel as the cost will come under extra compensation. He also received $9.3m in bonuses, plus $89m of shares that were promised to him if he met certain targets. His total compensation for the year reached $102 million. The highest paid executive at Apple is Angela Ahrendts, who makes roughly $24,216,072.

In 2017, Cook's personal air travel expenses totaled $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook. The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook.

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.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

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