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

Phillip Butler
December 29, 2017

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

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.

While better sales is good news for Apple, which saw sales decline for the first time previous year, the company thought it also means Cook's security could be at risk. Cook also received $3.06 million in salary and an equity award of $89.2 million, meaning he made $102 million in fiscal year 2017 alone.

Cook will not only fly via private plane for all business and personal travel.

"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.

The head of the world's most valuable company has stopped flying commercial.

And with the iPhone 8 and iPhone X now on the market, Cook is hoping for Apple's strongest fiscal year ever in 2018.

The Board's decision to set Cook up with his own jet stemmed primarily from security concerns over the Chief Executive's safety. Separately, his received a massive increase in his annual bonus, thanks to earnings rebound for the company.

Further, the proxy statement says that Cook will have to pay taxes anytime he uses an Apple private jet for personal travel as the cost will come under extra compensation. He's still actually the lowest paid among his executive team, who all make around $24 million a year.

As a result, the value of Cook's compensation also included "security expenses in the amount of $224,216" and "personal air travel expenses in the amount of $93,109". The payout was a part of the huge welcome package that Apple gave Cook after he succeeded Steve Jobs in 2011.

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