Apple CEO Tim Cook's total compensation package for 2017 is $102…

29 December, 2017, 02:06 | Author: Shannon Aguilar
  • Apple CEO Tim Cook's total compensation package for 2017 is $102…

Cook earned $12.8m for the year to the end of September, up 47 per cent on the previous year when he had taken a pay cut. The last year, 2016, was not really a good year for Apple, as the sales had gone down.

The tech mogul's pay included a $3.1 million base salary, along with $9.3 million in non-equity incentive pay and $440,374 in "other" payouts, the filing on Wednesday revealed.

Apple's filing disclosed Cook's pay, as well as the earnings of other top executive officers who made out even better than their boss.

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook must fly on private aircraft whenever he travels, be it for business or personal goal.

It won't be the first time an Apple CEO has flown private.

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.

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Apple has had a big year in 2017, releasing a new Apple Watch, the iPhone 8 and 8 Plus and a special iPhone X, which marks the iPhone's 10th anniversary.

Apple reported that Mr Cook's personal travel expenses came to $93,109 (£69,253) in 2017.

He was also awarded stock worth $89m (£66m), up 74% from a year ago for a total of roughly $102m (£75m) for his work in 2017 alone.

In August, the iPhone maker's CEO received company stock worth $89 million after the company hit a key performance target. Iger's personal air travel expenses totaled $282,831 in fiscal 2016, while the Facebook chief executive racked up about $871,390 in costs related to personal usage of private planes a year ago. The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook.

As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook's salary.

Mr Cook became Apple's chief executive after Steve Jobs resigned in 2011 and shares in the company have more than tripled under his watch.

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