Economy

Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

Apple doled out rewards to other top executives besides Cook, too.

Other executives at Apple are allowed to use private jets if required, but if a spouse of other member of the family accompanies them, Apple said the executives must pay toward those incremental costs brought on by the additional family member.

In addition to covering executive compensation, the proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel".

The tech giant's CEO had a compensation package totaling $12.8 million for 2017, an increase of 47% over past year, according to Apple's annual proxy filing Wednesday with the SEC.

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While expenses like these are bound to seem unnecessary, or even wasteful to the rest of us, it's definitely worth noting that the bigger reason why Apple executives received so much this year is because the iPhone maker grew by leaps and bounds. Sales from services such as iTunes, Apple Music, Apple Pay and apps rose by 20 per cent. Because 2017 was a 53-week fiscal year, the year's salary amounts reflected an extra week of pay; for Cook, that meant an additional $57,692.

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.

In the filing, the board also submitted the slate of eight nominees for reelection: Cook, Disney CEO Bob Iger, Al Gore, James Bell, Andrea Jung, Art Levinson, Ron Sugar, and Sue Wagner.

Cook made a total of US$12,825,066 this year, according to a statement filed with the Securities and Exchange Commission. In 2017, it was nearly identical, at $224,216, but included the addition of personal air travel expenses in the amount of $93,109.

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While better sales is good news for Apple, which saw sales decline for the first time past year, the company thought it also means Cook's security could be at risk. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.

"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park. The personal travel costs are added to Cook's overall taxable income for the year.

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