Apple CEO Tim Cook earned $120 Million in 2017, now he must take a private jet for his travels
All the executive officers at Apple also received bonuses of more than $3 million, amounting their total compensation to be approximately $24.2 million each.
Apple's Chief Executive Officer (CEO) Tim Cook received a total compensation package of nearly $102 million in fiscal 2017, and now Cook is required to take a private aircraft for his travels due to security concernsns, according to Bloomberg reports.
Cook, in 2017, received a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million, according to the data shared by Apple in a proxy statement filed with the United States Securities and Exchange Commission. The statement was released before the firm's annual shareholders meeting, which is scheduled to be held on February 13, 2018.
Reports state that all the executive officers at Apple also received bonuses of more than $3 million, amounting their total compensation to be approximately $24.2 million each. The executive officers of the company include Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell.
According to Bloomberg, Apple's retail chief, Angela Ahrendts, was the highest paid executive and bagged $24,216,072.
Apple's proxy statement also added that the company's board now requires the company's CEO to use a private aircraft "for all business and personal travels."
Tim Cook made $12mm in 2017 — and contributed $16,200 to his 401(k).— Nicholas Carlson (@nichcarlson) December 28, 2017
Can’t lose sight of those retirement goals. pic.twitter.com/fEal7lzXIZ
The flight policy was reportedly implemented in the company in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as the CEO of the firm.
Reports state that Cook's personal air travel expenses amounted to nearly $93,109 over the course of 2017, and Apple spent an additional $224,216 in personal security costs provided to Cook.
Tim Cook(Apple) is required to fly private jets because he makes so much money-$102M Is that why GOP cut his taxes? https://t.co/itvN6QBzGD— Arctic Friend (@FriendEden100) December 28, 2017
“For security reasons, the board requires that Mr. Cook use private aircraft for all business and personal travel,” Apple reported in a filing with the Securities and Exchange Commission on Thursday.
The Apple proxy statement also mentioned six proposals which will require shareholder action at the shareholders meeting set for February. According to reports, the proposals cover standard actions like re-appointing Apple's public accounting firm and re-electing board members. It also mentioned a proposal of formulating a Human Rights Committee in the firm.
The board of directors of the company is recommending that shareholders should vote against the shareholders' proposals.
The meeting will be held at the Steve Jobs Theatre at Apple Park, and the shareholders will be required to register for the meet using Proxyvote.com.
Tim Cook made $102 million this year and is now contractually obliged to only fly private https://t.co/OblbjWctCQ— Sam Bowman 🌐 (@s8mb) December 28, 2017
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