Published: Fri, December 29, 2017
Markets | By Noel Gibbs

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

Tim Cook Must Now Fly Private Jet For

Apple CEO Tim Cook got a big raise in 2017, thanks in large part better-than-expected sales at the consumer electronic company. It's a healthy jump from the $8.5 million he banked in 2016 when Apple's revenue dipped slightly. He gave the pregame speech to the Auburn Tigers football team that ultimately won the match-up against its in-state rival the University of Alabama 26-14. Because 2017 was a 53-week fiscal year, the year's salary amounts reflected an extra week of pay; for Cook, that meant an additional $57,692.

Apple's executive compensation programme is created to reward its senior-level officials when the company does well, and dock them when it doesn't.

"As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel", Apple wrote in the filing.

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Just like Cook, other Apple executives can also use the private jets when required. According to a report by Mac Rumors, Tim Cook apparently received a salary of $3.06 million this year.

Cook's real wealth, however, comes from his stock options. Personal security costs were calculated at $224,216. The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook. The personal travel costs are added to Cook's overall taxable income for the year.

"Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer's annual cash incentive at 155.5% of target", the company's filing said.

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Since then, demand for Apple's newer iPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.

The executive officers at Apple that included Angela Ahrendts, Luca Maestri, Dan Riccio, Johny Srouji, and Bruce Sewell, they all received bonuses more than $3 million, bringing in their compensation, including stock awards and salary at an approximate rate of $24.2 million each, provided the fact that each one of them stays with the company long enough for awarded stock to lodge.

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