Apple CEO Tim Cook's Annual Pay Jumps 47% to $12.8 Million

Tim Cook

Apple's CEO since 2011 saw his salary rise to about $12.8 million in fiscal year 2017, which ended in September, from about $8.7 million in the prior fiscal year, according to a SEC filing from Apple on Wednesday.

This year, Apple saw a major rebound across almost all of its categories.

For the first time, Cook ran up a US$93,109 bill for traveling on private aircraft on trips not related to business.

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal objective, Business Insider reported on Thursday.

The company disclosed its pay for Cook and four other top executives with the highest pay. That success led, in large part, to a 36.7 per cent increase in Apple stock prices year-over-year.

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His top five lieutenants each got bonuses of $3.1m, bringing their total compensation to about $24.2m each, including salaries and stock awards.

"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November.

The board of directors of Apple Inc. has told their CEO Tim Cook that he must fly a private jet when traveling, whether it is for work or pleasure. Tim Cook will get paid $12.8 million which is 46% more compared to that of the a year ago.

In fiscal 2017, Apple CEO Tim Cook raked in a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million, taking the total compensation package to about $102 million, according to Bloomberg. Retail chief of Apple, Angela Ahrendts, was among the one who was the highest paid executive, bagging in $24,216,072.

While better sales is good news for Apple, which saw sales decline for the first time a year ago, the company thought it also means Cook's security could be at risk. This takes place a few weeks before Apple's official annual shareholder's meeting. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. The personal travel costs are added to Cook's overall taxable income for the year.

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