It’s not uncommon for high-profile public figures to hire a team of security professionals to ensure their safety at all times. Such is also the case with CEOs, especially those residing over major global brands like Apple.
During a recent look at Apple’s Schedule 14A report filed with the U.S. Securities and Exchange Commission, Patently Apple found that the Cupertino-based company spends nearly $700,000 ($699,133, to be exact) per year to keep CEO Tim Cook safe.
The filing notes that it provides both home and personal security for Cook as his personal safety and security are of the utmost importance to Apple and its shareholders.
That may seem like a ton of money but when you’re the decision-maker for the world’s most valuable brand and company with more than $200 billion in cash on its balance sheet, it’s a drop in the bucket for a worthwhile investment. Apple in its filing said it deems the expense to be reasonable and necessary for the benefit of the company.
As Gizmodo points out, the figure is actually quite cheap compared to what other major companies spend to protect their head honchos.
Analysis of SEC filings in 2014 found that Amazon spent a whopping $1.6 million to protect Jeff Bezos, while Oracle expensed $1.5 million on security for (former) chief Larry Ellison. On the “low” end of the scale is the $320,428 that FedEx spent to ensure the safety of CEO Fred Smith and $385,606 for Warren Buffet’s security detail.