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