Apple CEO Tim Cook Only Takes Private Planes

30 December, 2017, 00:29 | Author: Darnell Patrick
  • Apple CEO Tim Cook got 46% compensation bump to $12.8 million thanks to company's 2017 rebound

Apple said transporting the chief executive around the world in 2017 cost more than $93,000 (£69,000) and his personal security costs ran to more than $220,000 (£163,000).

As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel.

Apple said the reason for implementing the new policy for Cook is due to "interests of security and efficiency based on our global profile" and Cook's high profile as chief executive. In 2016, Tim Cook's compensation actually fell by 15% as Apple did not meet its financial goals amidst slower than expected iPhone sales and a decline in one of its biggest markets, China.

For the company's 2017 fiscal year, which ended September 30, Apple reported sales of $229.2 billion (up 6.3% from the year prior) and net income of $48.4 billion (up 5.8%). Including that amount, Cook's total pay for the year topped $100 million.

Cook's personal security costs also totalled US$224,216, ($316,357) according to the filing.


He was also awarded stock worth $89m (£66m), up 74% from a year ago for a total of roughly $102m (£75m) for his work in 2017 alone.

Even with the larger bonus, however, Cook's compensation was the lowest of any member of his executive team disclosed in the filing.

However, Cook is also sitting on a pile of Apple stock. Execs like Angela Ahrendts, Dan Riccio, and Johny Srouji added to their base salary $3 million in bonuses each, which made their total compensations grow to $24 million each. In August, Cook collected 560,000 shares when part of his 2011 mega-award vested because Apple outshined more than two-thirds of the S&P 500 over three years.

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

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

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