Apple CEO Tim Cook's 2017 Pay Jumped 47%, to $12.8 Million

Apple CEO Tim Cook's 2017 Pay Jumped 47%, to $12.8 Million

Apple CEO Tim Cook's 2017 Pay Jumped 47%, to $12.8 Million

The company disclosed its pay for Cook and four other top executives with the highest pay. It also includes $440,374 in "other" compensation, according to a regulatory filing. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

The Apple CEO also received use of a private aircraft, which Cook was required to use for all business and personal travel.

Cook's compensation for the latest fiscal year rose to $12.8 million, up 47 percent from the $8.7 million he pocketed in the previous year, according to Apple's annual proxy filing with the SEC.

The raises come after a strong financial year for Apple which saw revenue growth in both hardware products like its phones and computers as well as digital services like Apple Pay, Apple Music and its App Store.

"In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales".

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.

During 2017 Tim Cook's personal security costs were calculated at nearly half a million dollars, ($224,216.00), alongside a $93,109 bill for traveling on private jets for non-business trips.

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. Apple notes that Cook added $93,109 in personal travel costs for the company, "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 election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

"This 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", the company wrote in the filing with the Securities and Exchange Commission. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.

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