Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

Tomas Mccoy
December 29, 2017

Apple's board implemented a policy in 2017 requiring Cook to "use private aircraft for all business and personal travel" for his safety, according to regulatory filings published on Wednesday.

So the iPhone maker now wants Cook to fly private for "all business and personal travel", it said in the filing.

Compared to many CEOs, Apple boss Tim Cook keeps a low profile. Apple's other top executives also saw raises, each to the tune of roughly $1.3 million.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

However, Cook is also sitting on a pile of Apple stock.

The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world. 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.

Camera IconApple Chief Executive Tim Cook posed for a selfie with customers during the debut of the iPhone X at an Apple Store.

"In 2017, 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 tech giant said in its annual proxy filing with the SEC. That brings Cook's total compensation for 2017 to a whopping $102 million.

Private air travel has become very expensive and to a point that even the wealthiest of businesspeople do not always use it. Warren Buffett named his private aircraft The Indefensible when finally giving into the convenience and the luxury they bring. 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.

Apple revealed the details today in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, scheduled for 13 February 2018.

Other reports by VideoGamingPros

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