Sunday, 21 January, 2018

Apple CEO Tim Cook's massive salary and perk revealed

Apple CEO Tim Cook outside a Temple in Mumbai CEO Tim Cook outside a Temple in Mumbai
Devin Neal | 29 December, 2017, 01:07

Apple's chief executive Tim Cook took home $102m (£76m) previous year, largely thanks to bonuses tied to the company's stock price.

The board of directors of Apple Inc. has told their CEO Tim Cook that he must fly a private jet when traveling, whether it is for work or pleasure.

It won't be the first time an Apple CEO has flown private.

APPLE'S CEO Tim Cook has been forced to take up a company perk by flying in style. In 2017, Cook received a previously disclosed $89 million stock payout as part of a welcome package dating back to 2011.

However, Cook is also sitting on a pile of Apple stock. The late Steve Jobs was gifted a Gulfstream V airplane by the Cupertino-based company which he co-founded "in recognition of his service to the company" more than a decade ago.

While Apple's revenue climbed in 2017 and is projected to continue in the green following the release of iPhone 8 and iPhone X, the company has been hit with a class action lawsuit after it admitted to slowing down iPhones as they age.

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The company has chose to spend after Cook's security as well. For Cook, that meant that his annual cash "incentive plan" reward increased to $9,327,000 in fiscal 2017, up from $5,370,000 in 2016.

Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell. The personal travel costs are added to Cook's overall taxable income for the year.

CFO Luca Maestri, retail VP Angela Ahrendts, hardware engineering VP Dan Riccio, hardware technologies VP Johny Srouji and former counsel Bruce Sewell received bonuses of $3.11 million for a total compensation of $24.2 million each.

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".

Apple revealed the details today in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, scheduled for 13 February 2018.

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