Apple Gives Tim Cook A Big Raise, Requires CEO To Fly Private

Dec 29, 2017, 02:10
Apple Gives Tim Cook A Big Raise, Requires CEO To Fly Private

Furthermore, the proxy statement shared by Apple with the United States Securities and Exchange Commission also further went on to state that Apple's board now requires Tim Cook to make use of a private aircraft to fulfill their business and personal travel. Again. That's why Tim Cook and other Apple execs received appropriate compensation.

"In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales". Including the equity award of $89.2 million & excluding the compensations, Cook will receive a massive total of $102 million for the year 2017.

APPLE'S CEO Tim Cook has been forced to take up a company perk by flying in style.

While better sales is good news for Apple, which saw sales decline for the first time a year ago, the company thought it also means Cook's security could be at risk. Mr. Cook's pay increase was driven by his cash bonus, which was hinged on exceeding.

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.

He was also awarded stock worth $89m (£66m), up 74% from previous year for a total of roughly $102m (£75m) for his work in 2017 alone. Cook also has about 2.9 million additional unvested that haven't vested, according to the filing, worth over $450 million, according to the SEC filing.

Mr Cook became Apple's chief executive after Steve Jobs resigned in 2011 and shares in the company have more than tripled under his watch.

Cook's personal travel cost came to $93,109 in fiscal 2017, according to the filing.

This post has been updated with a clarification.

The company board instructed Cook to use only private aircraft "in the interests of security and efficiency" at the world's most valuable company, regulatory documents show. The glass-sided store sits on shore of the Chicago River in the city's downtown.

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