Published: Sat, December 30, 2017
Finance | By Kristine Clayton

Apple raises pay for Tim Cook, other top executives

For Apple CEO Tim Cook, Santa Claus came this Christmas season to drop down his chimney a 46 percent pay raise and the use of a private aircraft.

Apple disclosed it spent $224,216 on security services this year to protect its CEO, and footed the bill for $93,109 in air travel expenses for his personal use of private aircraft. So the iPhone maker now wants Cook to fly private for "all business and personal travel", it said in the filing.

The policy was implemented this year "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".

Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.

And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018.

That's on top of the 560,000 vested shares Apple awarded Cook earlier in 2017.

Apple CEO Tim Cook earned a salary in fiscal 2017, of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of approximately $102 million, according to Bloomberg.

For the company's 2017 fiscal year, which ended September 30, Apple reported sales of $229.2 billion (up 6.3% from the year prior) and net income of $48.4 billion (up 5.8%). Although each person received $1 million base salary compared to Cook's $3 million, they saw a boost that brings their total payout to around $24.2 million each.

It also includes $440,374 in "other" compensation, according to a regulatory filing.

Technically, that makes him Apple's lowest-compensated executive team member.

The company noted that Cook has not received an equity award since 2011.

However, Cook is also sitting on a pile of Apple stock. Apple SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji took home about $24.2 million for 2017.

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

Oh, and the board has also asked that he start taking a private jet when he travels.

Like this: