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undergroundnewsroom.com January 20, 2018


Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

29 December 2017, 01:06 | Clyde Nash

Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

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 objective.

The Apple CEO also received use of a private aircraft, which Cook was required to use for all business and personal travel.

Mr. Cook's total compensation for the fiscal year, which ended in September, jumped 47%-to $12.8 million-the largest bump among the five executives listed in Apple's annual proxy filing.

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. The late Steve Jobs was gifted a Gulfstream V airplane by the Cupertino-based company which he co-founded "in recognition of his service to the company" more than a decade ago. He has also been told to fly private due to security reasons. He has been told by the company to do so following security concerns.

Apart from Cook, other top executives did receive a pay raise as well.

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It comes as Cook's yearly bonus was increased by 74 per cent as Apple reported higher revenue and profits.

Of that total, only US$3,057,692 came from Cook's base salary, which was about the same as the year before. Cook also incurred $224,216 in security expenses.

Other executives at Apple are allowed to use private jets if required, but if a spouse of other member of the family accompanies them, Apple said the executives must pay toward those incremental costs brought on by the additional family member. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.

Apple revealed the details today in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, scheduled for 13 February 2018.



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