Apple Board Tells Tim Cook to Fly Private Jet

Tim Cook Salary

Recently, Cook's salary and perks jumped 47 per cent to around $13 million in 2017, reported IANS. In 2016, missed targets meant Apple execs got only 89.5 per cent of their potential cash incentive payouts for the year.

Cook's pay increase in the company's 2017 fiscal year came mostly from cash bonuses, adding about $9.3 million to Cook's roughly $3 million annual salary.

As the head of the world's most valuable company, Mr Cook is also now forced to use private planes to travel for both business and personal purposes.

A filing with securities regulators this week said the board determined that its CEO must use private aircraft for "all business and personal travel".

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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.

While Apple's revenue climbed in 2017 and is projected to continue in the green following the release of iPhone 8 and iPhone X, the company has been hit with a class action lawsuit after it admitted to slowing down iPhones as they age.

Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.

Apple just awarded Tim Cook with a huge pay hike.

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Senior retail vice president Angela Ahrendts eked out the highest paid honor by less than $100,000 due to additional compensation to help Ahrendts - the former Burberry CEO - move "closer to Apple's headquarters", according to the SEC 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.

The company has made a decision to spend after Cook's security as well.

Cook's "other" pay included $224,216 in security expenses and $93,109 for personal air travel. Apple's shares have increased by more than 200% since Cook became chief executive in August 2011, shortly before founder and previous chief executive Steve Jobs died.

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