Apple rewards Tim Cook with $102 million payout, requests that he only travel on private jets
The benefits of being Apple's CEOBy Rob Thubron
It's been a good year for Apple and even better one for its CEO, Tim Cook. After he steered the company to an earnings rebound in fiscal 2017 following a decline in fiscal 2016, Cook has been rewarded with a 74 percent bonus. Additionally, he's now required to fly on a private jet whenever he travels, whether it be for work or pleasure.
As revealed in Apple's most recent shareholder proxy statement, Cook received $9.33 million in incentive pay for the fiscal year ending September 30th. That amount is on top of his $3.06 million salary and equity award of $89.2 million, bringing his total payout to just under $102 million.
Not only did he make an awful lot of money, but as per a request from the board of directors, Cook must now use a private jet when traveling the country and the rest of the world. "This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO," Apple said in yesterday's statement.
Cook racked up $93,109 in personal travel costs for Apple in 2017, "based on hourly flight charges and other variable costs incurred by Apple for such use, including variable fuel charges, departure fees, and landing fees." The costs are considered extra compensation for the CEO, and he must pay taxes on them.
Other Apple executives get to use the company's private jets if required. Family members and spouses may accompany execs on flights, but the Apple employee must pay the greater of the incremental cost.
Apple also paid $224,216 in "incremental" private security costs for Cook, which covers his personal security services.
Cook might be a millionaire, but the philanthropic Apple boss has said he intends to give away most of his money during his lifetime.