Apple CEO Tim Cook Now Required To Fly Privately For Security Reasons After He Earned Over $100 Million In 2017
A proxy statement filed with the United States Securities and Exchange Commission by Apple has confirmed that CEO, Tim Cook had a total compensation package of $102 million in fiscal 2017.
The information has been shared with the Securities and Exchange Commission ahead of Apple’s annual shareholder meeting, which is due to take place in February 2018. The filing reports that Cook took home a basic salary of $3.06 million with an additional $9.33 million in bonuses piled on top of that amount.
Additionally, Cook was also awarded company stock worth $89.2 million, which took the total amount received this year to just over the $100 million mark. Other executives at Apple were also named in the filing, including Jony Ive, Angela Ahrendts, and Dan Riccio.
In addition to those mentioned, Bruce Sewell, Johny Srouji, and Luca Maestri all received bonuses of around the $3 million mark taking their total financial award by the company to approximately $24 million. That figure includes stock options being awarded and relies on each individual staying with Apple long enough in their roles for the stock to mature. Out of those high-flying Apple executives, Retail Chief, Angela Ahrendts was the highest paid with a compensation package worth $24,216, 072.
CEO Tim Cook may be counting the zeros on his paycheck but he’s also been racking up the travel expenses over the last twelve months. Those air miles, in addition to his extremely high net worth and importance to the business, means that Apple now requires Cook to fly privately for business concerns.
During 2017, the filing suggests that Apple spent $93,109 on travel expenses for the CEO, with an additional $224,216 being coughed up for security to ensure the safety of the “highly visible” and well-known Cook. It’s private jets all the way now thanks to Apple’s new travel policy which was implemented this year.
The filing isn’t all about finances. The company has also outlined a number of issues which require input from shareholders ahead of the company’s annual meeting on February 13, 2018. These issues include establishing a Human Rights Committee, re-electing the company’s public accounting firm, and opting whether or not to re-elect members of the board back into their positions. The annual shareholder meeting will be held at Apple Park this coming February 13.