The iPhone 'forces' Tim Cook to fly private

29 December, 2017, 02:08 | Author: Sheri Evans
  • The iPhone 'forces' Tim Cook to fly private

Cook's total compensation for 2017 jumped to $12.8 million - a roughly 47 percent increase from previous year.

A filing with securities regulators this week said the board determined that its CEO must use private aircraft for "all business and personal travel".

Apple just awarded Tim Cook with a huge pay hike.

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Reviled by Palestinians, it is considered one of the most significant documents leading to the creation of the state of Israel. The global consensus on Jerusalem has not yet been resolved, but until now the worldwide embassies have remained in Tel Aviv.

The company bounced back in 2017, spurred on by impressive Watch sales and the release of three new iPhones; its stock performance mirrored Cook's compensation increase, running 47 percent since January 1.

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

In addition to his $9.33 ($A11.9 million) million bonus, Cook receives a $US3.06 million ($A3.8 million) salary and $89.2 million in Apple stock, for a total of $US102 million ($A130 million) this year alone.

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During 2017 Tim Cook's personal security costs were calculated at nearly half a million dollars, ($224,216.00), alongside a $93,109 bill for traveling on private jets for non-business trips.

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. Apple's senior vice president of retail, Angela Ahrendts, former CEO of Burberry, topped the list with a total compensation of $24.2 million in 2017. Iger's personal air travel expenses totaled $282,831 in fiscal 2016, while the Facebook chief executive racked up about $871,390 in costs related to personal usage of private planes past year.

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

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This post has been updated with a clarification. He has also been told to fly private due to security reasons. The glass-sided store sits on shore of the Chicago River in the city's downtown.

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