Apple Is Now Making CEO Tim Cook Fly Private

by Ben Pena December 30, 2017, 0:29

That's on top of the 560,000 vested shares Apple awarded Cook earlier in 2017. This year, Apple shelled out an extra $244,216 for his security. Sign up for the free Good Morning Silicon Valley newsletter.

The bumper package is linked to Apple's share price performance versus its S&P 500 peers and comes after the company beat its annual sales and income targets. All told, Cook made $12,825,066 at Apple in 2017 - including a $16,200 contribution to Cook's 401 (k) retirement account from the company. "As we approach our holiday season, we expect it to be our biggest quarter ever". Apple revealed in the same regulatory filing he got more than $9 million in incentive pay on top of his roughly $3 million salary. Chief Executive Officer Tim Cook received a 74 percent increase in his annual bonus for fiscal 2017 as the iPhone maker posted higher revenue and net income, after a rare decline a year earlier. Still, his current aggregate compensation is noticeably lower than other members of the company's executive suite who were listed in the filing. They were worth over $89 million at the time.

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His personal security expenses came to $224,216, the tech giant added.

The private aircraft privilege may extend to other Apple executives but only for when the aircraft will "facilitate travel that is directly and integrally related to the performance of their job duties and when the use of private aircraft will increase efficiency or security associated with a particular trip". But the raises are also attracting scrutiny, coming on the heels of President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for "serious case of amnesia" after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE's new tax law which is expected to significantly benefit Apple and other corporations.

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