Tuesday, 19 June, 2018

Tim Cook got a hefty raise this year

Keynote Address Opens Apple Worldwide Developers Conference Tim Cook's iPhone success has paid off
Kenneth Drake | 29 December, 2017, 02:10

Cook's total compensation for 2017 rose to $12.8 million, a near 50% increase from the year prior. In 2016, Apple suffered shrinking iPhone sales and its first annual sales decline in 15 years.

Apple's total tab for Cook's personal trips on the private plane was $93,109 in the 2017 fiscal year, which ended in September. From now on Cook will be using only the private jets for all business and personal travels.

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

Apple has also hired "personal security services" for Cook.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year.


After the release of the iPhone X, the United States tech giant recorded a strong net profit of 19% from a year ago to $10.7 billion in the fiscal fourth quarter to September 30. Cook's cash bonus was the largest among the six senior Apple executives. On top of that, he was awarded $3.06 million in salary, as well as $89.2 million in stock. Retail chief of Apple, Angela Ahrendts, was among the one who was the highest paid executive, bagging in $24,216,072. It is natural for its runner and CEO Tim Cook to be on cloud nine too.

The policy was implemented this year "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO". Apple's shares have increased by more than 200% since Cook became chief executive in August 2011, shortly before founder and previous chief executive Steve Jobs died.

Over the path of 2017, expenses on personal air travel of Cook amounted to nearly $93,109 and Apple spent an extra $24,216 in the personal security costs that was provided for Cook.

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

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