Wednesday, 17 January, 2018

Tim Cook gets a pay raise amid better iPhone profits

The Market In 5 Minutes South Korea Cracks Down On Crypto Tim Cook's Big Payday Jobless Claims Steady Tim Cook gets a pay raise amid better iPhone profits
Delores Daniels | 29 December, 2017, 01:06

Apple's board rewarded CEO Tim Cook with a sizable increase in compensation for the company's fiscal year 2017, which saw the company return to growth after a rough 2016.

The policy was implemented in 2017 "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".

According to new report from Bloomberg, Cook enjoyed a 47 percent jump in compensation in 2017, pulling in $12.8 million United States dollars for the year, including a $9.3 million cash bonus.

The company disclosed its pay for Cook and four other top executives with the highest pay.

Cook made a total of US$12,825,066 this year, according to a statement filed with the Securities and Exchange Commission.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year. He has also been told to fly private due to security reasons.

Apple's market capitalisation rose to $868bn in November, making it the world's most valuable publicly-traded company.

As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook's salary.

Cook and other Apple board directors, such as Disney CEO Bob Iger, former U.S. Vice President Al Gore and former Northrop Grumman CEO Ron Sugar, are up for election to remain on the board another year.

The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package. Cook also incurred $224,216 in security expenses.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park. Eddy Cue, Apple's senior vp internet software and services, who was paid $22.8 million during the previous fiscal year, was not on that list.

Private air travel has become very expensive and to a point that even the wealthiest of businesspeople do not always use it. Warren Buffett named his private aircraft The Indefensible when finally giving into the convenience and the luxury they bring.

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