Tim Cook Must Now Fly Private Jet For "Security" Reasons: Apple Inc

Lena Tucker
December 29, 2017

Yet Cook's previous stock awards vested in 2017 were worth an additional $89 million for the CEO, according to the filing with the Securities and Exchange Commission. It also includes $440,374 in "other" compensation, according to a regulatory filing.

The company rebounded in the latest fiscal year as it sold 216.7 million iPhones, up from 211.88 million in 2016, though still below the peak of 231.22 million iPhones sold in 2015.

This year, Apple saw a major rebound across almost all of its categories.

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.

And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018.

However, Cook is also sitting on a pile of Apple stock. "As we approach our holiday season, we expect it to be our biggest quarter ever".

Cook's pay package included a base salary of $3.1 million, along with $9.3 million in non-equity incentive pay, up from $5.4 million. Cook's cash bonus was the largest among the six senior Apple executives.

Of that total, only US$3,057,692 came from Cook's base salary, which was about the same as the year before. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year. That's up from $8,747,719 in fiscal 2016, which saw Apple's first dip in annual revenues in more than a decade as a result of lower iPhone sales. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.

His personal security expenses came to $224,216, the tech giant added.

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.

Other reports by AllAboutTopnews

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