Why Apple's Board Is Requiring CEO Tim Cook to Only Fly Private
29 December, 2017, 01:07 | Author: Delbert Rhodes
A year after delivering an unusual pay cut, Apple (NASDAQ:AAPL) gaveCEO Tim Cook a major boost in compensation for fiscal-year 2017 as the company exceeded annual sales and profit goals.
The Apple CEO now has to fly private, even for personal travel on orders of Apple's board of director.
On Wednesday, Apple, in the shareholder proxy statement, said, "This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO". In 2016, Apple suffered shrinking iPhone sales and its first annual sales decline in 15 years.
Yet Cook's previous stock awards vested in 2017 were worth an additional $89 million for the CEO, according to the filing with the Securities and Exchange Commission.
The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world.
After the release of the iPhone X, the USA tech giant recorded a strong net profit of 19% from a year ago to $10.7 billion in the fiscal fourth quarter to September 30.
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The company has made a decision to spend after Cook's security as well. Cook's cash bonus was the largest among the six senior Apple executives.
Cook has little to say about the situation if the board tells him he must use the private jet.
Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.
Just like Cook, other Apple executives can also use the private jets when required.
The American multinational technology company has also hired personal security services for Cook. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.
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