Tim Cook gets a 46 percent pay raise in 2017

Dec 30, 2017, 01:06
Tim Cook gets a 46 percent pay raise in 2017

New regulatory filings show that Cook has been given the use of a private jet for the first time, citing "the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as chief executive".

Cook, along with other Apple board directors such as Disney CEO Bob Iger, former U.S. Vice President Al Gore, and former Northrop Grumman CEO Ron Sugar, are up for election to remain in the board another year.

Tim Cook's basic salary is $3 million (£2.2 million) and he got 9.3 million United States dollars (£6.9 million) in bonuses up from $5.4 million (£4 million) past year.

That was made up of a $3m salary and $9.3m in bonuses and other add-ons. Cook owns 560,000 shares awarded to him in 2011 and vested in fiscal 2017 year which was valued at $89.2 million.

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. Notably absent is Jony Ive, who's arguably one of the most important Apple employees.

It was not disclosed how much the United Kingdom chief design officer, Jony Ive, was paid.

The bonuses received by Apple executives are tied to performance objectives set by the company's board.

The tech giant booked net sales for 2017 of $229.2 billion and also posted an operating income of $61.3 billion, while its share price rose 36.7% in 2017. Last year, sales declined compared to 2016.

The company also saw iPhone sales increase by 3 per cent, indicting a steady start for the iPhone 8, which went on sale in September.

For Apple CEO Tim Cook, Santa Claus came this Christmas season to drop down his chimney a 46 percent pay raise and the use of a private aircraft.

The regulatory filing released by the U.S. firm read: 'Our executive compensation programme is created to reward performance in a simple and effective way.

'We believe the compensation paid to our named executive officers for 2017 appropriately reflects and rewards their contributions to our performance, ' the firm added.