Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple Boosts Pay of CEO Tim Cook, Other Executives

For Apple CEO Tim Cook, Santa Claus came this Christmas season to drop down his chimney a 46 percent pay raise and the use of a private aircraft.

The statement also revealed that Cook would be required to use private flights for business and personal travel. 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.

It comes as Cook's yearly bonus was increased by 74 per cent as Apple reported higher revenue and profits. In 2016, Tim Cook's compensation actually fell by 15% as Apple did not meet its financial goals amidst slower than expected iPhone sales and a decline in one of its biggest markets, China.

Cook, who has been Apple's CEO since 2011, has seen his salary rise to $12,835,066 in 2017 from $8,747,719 previous year, according to a SEC filing from Apple on Wednesday. Including that amount, Cook's total pay for the year topped $100 million.

Cook's 2017 pay package included $440,000 in "other compensation".

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

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Cook's annual base salary for 2017 was unchanged at $3 million and the annual salary for each of Apple's other executive officers also remained the same, at $1 million.

Many analysts expect Apple to again repatriate funds for stock buybacks, which would raise the value of its executives' shares.

Apple's other top execs made out even better than their boss, each of whom was awarded $20 million in stock.

In 2014, executives including Dan Riccio, chief of hardware engineering, and former General Counsel Bruce Sewell received performance awards that paid out three years later at nearly twice as many target shares as planned after Apple's stock returned 69 percent over that span, including reinvested dividends.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

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