Tim Cook required to fly only by private jet

Tim Cook made $12.8 million in 2017 plus $89 million worth of Apple stocks. Justin Sullivan  Getty Images

This news was followed by a report that stated that starting now, he will be using private jets for business and personal travel over security concerns.

For the first time, Cook ran up a $93,109 bill for traveling on private aircraft on non-business-related trips. This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit.

Apple introduced the iPhone X late this year, its most expensive smartphone since the iPhone 6.

Cook's incentive pay totaled $9.33 million for the year ended September 30, the Cupertino, California-based company said Wednesday in a regulatory filing.

Cook's total compensation for 2017 rose to $12.8 million, a near 50% increase from the year prior.

However, he also got massive stock pay-out which brought his total 2017 pay to more than $100-million.

Cook took home far less than other top Apple executives including chief financial officer Luca Maestri and senior vice president Angela Ahrendts, who received some US$24m ($33.8m) for the year. Cook owns 560,000 shares awarded to him in 2011 and vested in fiscal 2017 year which was valued at $89.2 million.

It also includes $440,374 in "other" compensation, according to a regulatory filing.

In 2014, executives including Dan Riccio, chief of hardware engineering, and former General Counsel Bruce Sewell received performance awards that paid out three years later at nearly twice as many target shares as planned after Apple's stock returned 69 percent over that span, including reinvested dividends.

In the filing, the board also submitted the slate of eight nominees for reelection: Cook, Disney CEO Bob Iger, Al Gore, James Bell, Andrea Jung, Art Levinson, Ron Sugar, and Sue Wagner.



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