Why Apple's Board Is Requiring CEO Tim Cook to Only Fly Private

29 December, 2017, 02:08 | Author: Luis Fowler
  • Why Apple's Board Is Requiring CEO Tim Cook to Only Fly Private

A year after delivering an unusual pay cut, Apple Inc. gave Chief Executive Tim Cook and other top executives a big boost in compensation for fiscal-year 2017 as the company exceeded annual sales and profit goals, according to a security filing on Wednesday.

Cook's pay totaled $9.33 million in incentive pay for the year ending on September 30th. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.

The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package.

In addition, Apple expensed over $224,000 for incremental private costs for security for the CEO, says the proxy statement, including the hiring of personnel for the specific benefit of Cook.

During 2017 Tim Cook's personal security costs were calculated at nearly half a million dollars, ($224,216.00), alongside a $93,109 bill for traveling on private jets for non-business trips.

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook must fly on private aircraft whenever he travels, be it for business or personal objective.

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Cook, who has been Apple's CEO since 2011, has seen his salary rise to $12,835,066 in 2017 from $8,747,719 a year ago, according to a SEC filing from Apple on Wednesday.

In its most recent quarterly earnings, Apple said iPhone sales rose 2 percent, its China business grew 12 percent, and its services sector - including Apple Pay, Music, App Store and iCloud - soared 34 percent higher than the same period a year earlier. Again. That's why Tim Cook and other Apple execs received appropriate compensation. He has also been told to fly private due to security reasons.

The election is set to occur at Apple's next shareholders meeting February 13 at the Steve Jobs Theater, on the company's new Apple Park campus in Cupertino.

Apple's stock surged 37 per cent in fiscal 2017, more than doubling the increase in the S&P 500. "However, this is down from 86 per cent share in the same quarter previous year when Samsung had to gulp up a loss due to the Galaxy Note 7 debacle", said Research Director Neil Shah.

Apple introduced the iPhone X late this year, its most expensive smartphone since the iPhone 6. That amount also includes Apple stock that vest only if they stay with the company.


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