Apple’s CEO Tim Cook earned $102 million in 2017, will use private jet as recommended by company. The year 2017 has brought good look for many people; on the other hand it was hard enough for many others. But for Apple and the company’s CEO Tim Cook the year was a great roller coaster as Cook achieved an excellent mark in his income in 2017, primarily due to the augmented sales of the company and non-equity incentives.
This year, Apple’s current CEO Tim Cook who was previously serving as Chief Operating Officer received $3.06 million as a salary, $9.33 million in bonuses and stock worth $89.2 million. An all this makes the total compensation package of the executive roughly $102 million, a huge amount though.
Apple today revealed all the data in a proxy statement filed with the United States Securities and Exchange Commission (SEC). In the meantime, the company’s investor and shareholder meeting is planned to be held in February 2018.
It is important to mention here that net worth of Apple is over 900 billion dollar and the Cupertino based company is trying to turn out to be the first trillion dollar company in the world. The company’s policy in presenting its executives is admirable.
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Apart from Tim Cook’s non-equity incentives, tech giant also awarded bonuses to other high officials, counting Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell. Every individual were granted over $3 million of inducement beside their salaries. All together other top executive received $24.2 million each.
The Interesting part about the company’s proxy statement is that Apple’s board at this moment demands Cook to use private aircraft for all business and personal travel purposes.
However, the new flight policy of the company is in the company’s interests of security and effectiveness based on Cook’s crucial role as company’s CEO and it has recently been implemented in 2017.
For now, Tim Cook’s personal air travel expenses cost approximately $93,109, and Apple spent an extra $224,216 in private security costs offered to Cook.
In 2017, Apple booked $229.2 billion in net sales and $61.3 billion in operating income, beating internal Apple approximates. This achievement leads to a 36.7% boost in Apple stock prices year-over-year.
On the other hand, the company is also facing some lawsuits on account of admitting that it condensed older iPhones’ performance for a longer life of the old battery.
