Published: Fri, December 29, 2017
Finance | By Cynthia Curry

Apple CEO Tim Cook's Annual Pay Jumps 47 Percent to $12.8 Million

Apple CEO Tim Cook's Annual Pay Jumps 47 Percent to $12.8 Million

Due to slumping iPhone sales in 2016, Cook's pay was cut 15%.

But then in fiscal year 2017, Apple saw a major rebound across almost all of its categories. "Any time Cook uses an Apple private jet for personal travel, the costs are considered extra compensation, on which he will have to pay taxes", the statement further said.

The board of directors of Apple Inc. has told their CEO Tim Cook that he must fly a private jet when traveling, whether it is for work or pleasure. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior.

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.

Is a good place for a white Christmas
A winter weather advisory means snow could cause travel difficulties as a result of covered roads and limited visibilities. The storm has left the region, though a few lake effect snow flurries are possible during Christmas Day, she said.

It comes as Cook's yearly bonus was increased by 74 per cent as Apple reported higher revenue and profits. Cook owns 560,000 shares awarded to him in 2011 and vested in fiscal 2017 year which was valued at $89.2 million. 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 previous year.

Each of the top officers, not including Cook, receive a base salary of $1 million, cash incentives and were awarded $20 million in stock with the tech giant.

CEO Tim Cook will no longer be flying on commercial aircraft. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year.

Shareholders who feels like attending the shareholders meeting that will take place in the Apple Park, at Steve Jobs Theatre, requires registering themselves using the Proxyvote.com beginning at 8:00 am on 22 January, 2018. 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.

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