After Reporting Record Compensation Package, Apple CEO Switches to Private Jets

Posted December 30, 2017

This news was followed by a report that stated that starting now, he will be using private jets for business and personal travel over security concerns.

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).

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. Cook's cash bonus was the largest among the six senior Apple executives.

The bumper package is linked to Apple's share price performance versus its S&P 500 peers and comes after the company beat its annual sales and income targets.

Tim Cook received a total of $12.8 million, an increase of 46 percent from a year ago when earnings fell, according to a regulatory filing on Wednesday.

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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. 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. On top of that, he was awarded $3.06 million in salary, as well as $89.2 million in stock. Again. That's why Tim Cook and other Apple execs received appropriate compensation.

Cook's 2017 pay package included $440,000 in "other compensation".

The company noted that Cook has not received an equity award since 2011. Iger's personal air travel expenses totaled $282,831 in fiscal 2016, while the Facebook chief executive racked up about $871,390 in costs related to personal usage of private planes past year.

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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