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 CEO Tim Cook earned $120 Million in 2017, now he must take a private jet for his travels

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.

Tim Cook (Pinterest)

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. 

Cook, in 2017, received a salary of $3.06 million. (Pinterest)

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. 

Apple CEO Tim Cook speaks during an Apple special event at the Steve Jobs Theatre (Getty Images)

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."



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.

Apple CEO Tim Cook with the US President Donald Trump (Getty Images)

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.



“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.

Apple CEO Tim Cook speaks during an Apple special event at the Steve Jobs Theatre on the Apple Park campus (Getty Images)

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. 

Boxes of the new iPhone X sit on a table at an Apple Store. (Getty Images)

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



 

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