Apple boss's pay rises to $12.8m

Javier Stokes
December 29, 2017

The equity compensation is composed of shares that vest exclusively based on the executives' continued employment and others tied to the performance of Apple's stock compared with other S&P 500 companies. 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. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal objective, Business Insider reported on Thursday.

San Francisco: Apple CEO Tim Cook, who saw his salary and perks jump 47 per cent to nearly $13 million in 2017, will now fly on private aircraft even for personal travel for "security and safety reasons".

Tim Cook took home a much sweeter paycheck this year - thanks to Apple exceeding its financial targets for 2017.

And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018. The biggest component was a cash bonus of $9.3 million (up 74% from his 2016 bonus) under Apple's incentive plan tied to revenue and profit performance. His total compensation for the year reached $102 million.

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Further, the proxy statement says that Cook will have to pay taxes anytime he uses an Apple private jet for personal travel as the cost will come under extra compensation.

While better sales is good news for Apple, which saw sales decline for the first time previous year, the company thought it also means Cook's security could be at risk.

"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", the company wrote in the filing with the Securities and Exchange Commission.

Apple shelled out $224,216 in incremental private security costs for Cook, including the hiring of personnel for his benefit, the proxy statement said.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

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