Apple CEO gets salary raise after higher profits through iPhone sales

29 December, 2017, 02:09 | Author: Lora Ball
  • Apple's board finally started making CEO Tim Cook fly private

Apple CEO Tim Cook earned a salary in fiscal 2017, of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of approximately $102 million, according to Bloomberg.

It comes as Cook's yearly bonus was increased by 74 per cent as Apple reported higher revenue and profits.

The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday. 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".

Apple made a boatload of cash this year, and the iPhone's sales performance is to blame.

Apple CEO Tim Cook's paycheck got a hefty addition thanks to the tech giant's performance boost in 2017. He has also been told to fly private due to security reasons. Tim Cook will get paid $12.8 million which is 46% more compared to that of the previous year.

As the head of the world's most valuable company, Mr Cook is also now forced to use private planes to travel for both business and personal purposes.

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In integration to covering compensation of the executive, statement of today's proxy also states that board of Apple now needs Tim Cook; Apple CEO to use private aircraft for all kinds of business and even personal travels.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park. The gross income of Apple is $151 more than that of Samsung, who is second on the list.

Apple sold 78.29 million iPhones in the first quarter ended December 31, up from 74.78 million past year.

Since then, demand for Apple's newer iPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.

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