Apple Boosts Pay of CEO Tim Cook, Other Executives

Apple gives CEO Tim Cook and top executives a big pay boost

Apple Boosts Pay of CEO Tim Cook, Other Executives

Including the equity award of $89.2 million & excluding the compensations, Cook will receive a massive total of $102 million for the year 2017.

Further, the proxy statement says that Cook will have to pay taxes anytime he uses an Apple private jet for personal travel as the cost will come under extra compensation.

Cook's personal security costs also totalled $US224,216, ($A287,702) according to the filing. Due to slumping iPhone sales in 2016, Cook's pay was cut 15%.

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Cook also benefited from a generous share award, banking $89.2 million United States dollars worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011.

The Board of directors has approved that the CEO must fly on private aircraft whenever he travels, be it for business or personal reasons, a new shareholder proxy statement from Apple has said. His incentive pay is seen to have totalled $9.33 million (roughly Rs. 59.9 crores) for the year ended September 30.

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'S CEO Tim Cook has been forced to take up a company perk by flying in style. Disney (DIS) CEO Bob Iger and Facebook (FB) CEO Mark Zuckerberg are also mandated to use private aircraft when traveling, according to the companies' respective regulatory filings.

As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook's salary. The payout was a part of the huge welcome package that Apple gave Cook after he succeeded Steve Jobs in 2011.

Just to put it in perspective: Apple's stock (NASDAQ: AAPL) started off the year at around $116.15 per share (at market close on January 3, 2017), but are now up about 39 percent (at $170.55 per share) as of Thursday, December 28th at 3:15 pm EST. "However, this is down from 86 per cent share in the same quarter previous year when Samsung had to gulp up a loss due to the Galaxy Note 7 debacle", said Research Director Neil Shah. With that said, Apple does make $151 more than Samsung, the next top performer, for every unit sold.

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Apple's executive compensation programme is created to reward its senior-level officials when the company does well, and dock them when it doesn't.

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