Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple boss Tim Cook's earnings this year
Apple's Tim Cook now only uses private jets to travel & gets massive bump in pay
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30 December, 2017

In a proxy statement filed with the US Securities and Exchange Commission, Apple says Cook earns above $3 million in salary, plus $9.3 million in bonuses. This year, Apple shelled out an extra $244,216 for his security.

While better sales is good news for Apple, which saw sales decline for the first time past year, the company thought it also means Cook's security could be at risk.

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Oh, and the board has also asked that he start taking a private jet when he travels.

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"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November.

It also includes $440,374 in "other" compensation, according to a regulatory filing. Security for him worked out to about $224,216. That's up from $8,747,719 in fiscal 2016, which saw Apple's first dip in annual revenues in more than a decade as a result of lower iPhone sales. Mr. Cook's pay increase was driven by his cash bonus, which was hinged on exceeding. The equity compensation is composed of shares that vest exclusively based on the executives' continued employment and others tied to the performance of Apple's stock compared with other S&P 500 companies.

As the head of the world's most valuable company, Mr Cook is also now forced to use private planes to travel for both business and personal purposes. In 2017, Cook received a previously disclosed $89 million stock payout as part of a welcome package dating back to 2011.

The private aircraft privilege may extend to other Apple executives but only for when the aircraft will "facilitate travel that is directly and integrally related to the performance of their job duties and when the use of private aircraft will increase efficiency or security associated with a particular trip". The shareholder meeting will be held February 13, 2018, at the Steve Jobs Theater on Apple's new campus in Cupertino, Calif.


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