Apple CEO Tim Cook's Annual Pay Jumps 47 Percent to $12.8 Million

29 December, 2017, 02:09 | Author: Salvatore Jensen
  • Apple CEO Tim Cook Gets $102 Million Payout in 2017 After Earnings Rebound Must Fly by Private Aircraft

The iPhone maker revealed Cook now has to take a private jet for all of his travel.

The company has chose to spend after Cook's security as well.

Camera IconApple Chief Executive Tim Cook posed for a selfie with customers during the debut of the iPhone X at an Apple Store.

The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.

Apple reported that Mr Cook's personal travel expenses came to $93,109 (£69,253) in 2017.

The executive officers at Apple that included Angela Ahrendts, Luca Maestri, Dan Riccio, Johny Srouji, and Bruce Sewell, they all received bonuses more than $3 million, bringing in their compensation, including stock awards and salary at an approximate rate of $24.2 million each, provided the fact that each one of them stays with the company long enough for awarded stock to lodge.

Cook's personal security costs also totalled $US224,216, ($A287,702) according to the filing.

Cook's total compensation for 2017 jumped to $12.8 million - a roughly 47 percent increase from a year ago.

Jeff Immelt, the former CEO of General Electric (GE), also flew aboard corporate aircraft during his tenure at the helm of the company, and even had an additional plane follow, at times parking far away to avoid attention.

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.

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

Apple's stock (NASDAQ:AAPL) has been on the climb since the beginning of 2017, which is in line with the NASDAQ composite, the index of the market for which Apple is traded, for the year. With that said, Apple does make $151 more than Samsung, the next top performer, for every unit sold. Overall, it led to lower-than-expected sales of the iPhone lineup.



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