Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple Boosts Pay of CEO Tim Cook, Other Executives

Recently, Cook's salary and perks jumped 47 per cent to around $13 million in 2017, reported IANS. Market experts claim that Apple's stocks have gone up since Cook took over. It also includes $440,374 in "other" compensation, according to a regulatory filing.

For the 2016 financial year, Cook's remuneration dropped to $8.7m from $10.3m in 2015. The last year, 2016, was not really a good year for Apple, as the sales had gone down.

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.

"In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales". "As we approach our holiday season, we expect it to be our biggest quarter ever".

The news comes as it has been revealed Tim Cook will takeaway $102 million this year, composed of both his $3.06 million salary and an equity award of $89.2 million. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

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

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In 2017, Cook's personal air travel expenses totaled $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook.

And in November, Apple was forced to push out an update to fix a major security hole in its Mac operating system that made it possible to gain entry to a Mac without a password, and also have access to powerful administrator rights.

"Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft", Apple said in its filing. The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook.

Cook will not only fly via private plane for all business and personal travel.

Cook's predecessor, the founder of Apple Steve Jobs had his own private jet that was gifted to him during 2000 by Apple.

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