Tim Cook's pay jumps 47pc as Apple beats targets

Marcus Newton
December 30, 2017

For the first time, Cook ran up a $93,109 bill for traveling on private aircraft on non-business-related trips.

The tech giant's CEO had a compensation package totaling $12.8 million for 2017, an increase of 47% over past year, according to Apple's annual proxy filing Wednesday with the SEC.

Apple's board rewarded CEO Tim Cook with a sizable increase in compensation for the company's fiscal year 2017, which saw the company return to growth after a rough 2016. The company requires the CEO to use corporate flights for security reasons. Still, his current aggregate compensation is noticeably lower than other members of the company's executive suite who were listed in the filing.

This year, Apple saw a major rebound across almost all of its categories. Due to slumping iPhone sales in 2016, Cook's pay was cut 15%. Including that amount, Cook's total pay for the year topped $100 million.

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Senior retail vice president Angela Ahrendts eked out the highest paid honor by less than $100,000 due to additional compensation to help Ahrendts - the former Burberry CEO - move "closer to Apple's headquarters", according to the SEC filing. The personal travel costs are added to Cook's overall taxable income for the year. This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO.

But there are also bonuses ($9.33 million) and company shares ($89.2 million) that pushed that sum to $102 million this year.

And in November, Apple was forced to push out an update to fix a major security hole in its Mac operating system that made it possible to gain entry to a Mac without a password, and also have access to powerful administrator rights.

The iPhone maker revealed Cook now has to take a private jet for all of his travel. The shareholder meeting will be held February 13, 2018, at the Steve Jobs Theater on Apple's new campus in Cupertino, Calif.

Other reports by MaliBehiribAe

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