Apple CEO Tim Cook earns $102 mn in 2017, made to use private flights for security
28 December 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.
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.
Executive officers at Apple, including Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, all received bonuses of over $3 million, which brought their compensation, including salary and stock awards, to approximately $24.2 million each, provided they continued with the company long enough for awarded stock to vest. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.
In addition to covering executive compensation, the proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel." The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.
In 2017, Cook's personal air travel expenses totaled $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook.