Apple CEO gets salary raise after higher profits through iPhone sales
29 December, 2017, 01:06 | Author: Patty Aguilar
For AppleCEO Tim Cook, fiscal year 2017 brought good tidings in the form of a hefty 47 percent pay increase and use of a private aircraft.
As if that weren't enough, at the behest of Apple's Board of Directors, Cook was also required to fly around for official business exclusively on a private jet this year, and will continue to moving forward, the report added. In all, Cook in 2017 made at Apple $12,825,065, which included a contribution of $16,200 to Cooks retirement account by the company.
Since Cook took over from Steve Jobs in 2011, the company's share price has risen more than 200 per cent and has accumulated a war chest of over $US250 billion ($A320 billion) in cash, The New York Post also reports.
Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses. Including that amount, Cook's total pay for the year topped $100 million. In 2016, Cook actually saw his salary dip $1.5 million from the year before due to Apple falling short of its financial goals thanks to slumping iPhone sales and a downturn in Apple's business operations in China.
But Cook's overall pay compensation was the lowest among the 6 senior executives.
The filing noted that the value of the private flights is calculated as "imputed taxable income" which is not reimbursed by Apple. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.
"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO", Apple said in the shareholder proxy statement filed late on Wednesday. Cook must use an Apple private jet whenever he travels, whether it is for work or pleasure.
The American multinational technology company has also hired personal security services for Cook.
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