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Apple's CEO Must Fly Private Aircrafts For Security Reasons

29 December 2017

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.

"As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel", Apple wrote in the filing. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft. Cook's cash bonus was the largest among the six senior Apple executives. It is natural for its runner and CEO Tim Cook to be on cloud nine too. Cook also incurred $224,216 in security expenses. Tim Cook gets a substantial pay raise and private jet privileges. For the fiscal year ended September 30, Cook's total payout was about $102 million, which included $9.33 million in incentive pay, $3.06 million in salary, and an equity award of $89.2 million. Due to slumping iPhone sales in 2016, Cook's pay was cut 15%. Cook's earnings increase came largely from a boost in incentive pay; he earned $5.4 million past year.

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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.

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. Apple gave a private jet to Steve Jobs in 2000, according to Business Insider.

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Apple is now soaring high, as it has been for the last couple of years. Being the top performer in the smartphone industry in the last quarter, Apple brought home nearly Dollars 151 more than Samsung.

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Apple's CEO Must Fly Private Aircrafts For Security Reasons