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Apple raises pay for Tim Cook, other top executives

29 December 2017

His pay jumped 47% to $12.8M, up from $8.7M in 2016.

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.

"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November. Facebook CEO Mark Zuckerberg and Disney CEO Bob Iger both rely on private planes for all their personal travel, according to the most recent company filings for each. Late Steve Jobs had similar facilities. Cook's cash bonus was the largest among the six senior Apple executives.

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In addition to his $9.33 ($A11.9 million) million bonus, Cook receives a $US3.06 million ($A3.8 million) salary and $89.2 million in Apple stock, for a total of $US102 million ($A130 million) this year alone.

In documents filed with the United States markets regulator, Apple said the policy was "in the interests of security and efficiency".

Apart from Cook, other top executives did receive a pay raise as well.

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Of that total, only US$3,057,692 came from Cook's base salary, which was about the same as the year before. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.

Cook also benefited from a generous share award, banking $89.2 million Dollars worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011. Cook also incurred $224,216 in security expenses. Retail chief of Apple, Angela Ahrendts, was among the one who was the highest paid executive, bagging in $24,216,072.

The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday.

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Apple raises pay for Tim Cook, other top executives