Apple's Tim Cook now required to fly private company plane

Sean Reid
December 29, 2017

For Apple CEO Tim Cook, fiscal year 2017 brought good tidings in the form of a hefty 47 percent pay increase and use of a private aircraft.

Executive officers at Apple, including Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, all received bonuses of over $3 million, which brought their compensation, including salary and stock awards, to approximately $24.2 million each, provided they continued with the company long enough for awarded stock to vest.

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

Cook also benefited from a generous share award, banking $89.2 million Dollars worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011.

Apple CEO Tim Cook chats with attendees of the iPhone X event.

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.

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

Apple shelled out $224,216 in incremental private security costs for Cook, including the hiring of personnel for his benefit, the proxy statement said.

Shareholders who feels like attending the shareholders meeting that will take place in the Apple Park, at Steve Jobs Theatre, requires registering themselves using the beginning at 8:00 am on 22 January, 2018.

Just like Cook, other Apple executives can also use the private jets when required.

Additionally, their claims are supported by documentation that shows stock price increased 36.7 percent, as also indicated in the abovementioned statement.

Apple sold 78.29 million iPhones in the first quarter ended December 31, up from 74.78 million a year ago. With that said, Apple does make $151 more than Samsung, the next top performer, for every unit sold.

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