Apple CEO Tim Cook's earnings up 74% to $102m

Apple CEO Tim Cook's earnings up 74% to $102m

Apple CEO Tim Cook's earnings up 74% to $102m

Apple's board rewarded CEO Tim Cook with a sizable increase in compensation for the company's fiscal year 2017, which saw the company return to growth after a rough 2016.

Cook made a total of US$12,825,066 this year, according to a statement filed with the Securities and Exchange Commission.

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

"In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales".

Jeff Immelt, the former CEO of General Electric (GE), also flew aboard corporate aircraft during his tenure at the helm of the company, and even had an additional plane follow, at times parking far away to avoid attention.

Cook's pay raise this year came mostly from cash bonuses; $9.3 million were added to Cook's $3 million annual salary.

Apple reported that Mr Cook's personal travel expenses came to $93,109 (£69,253) in 2017. Furthermore, he already holds a stock which is worth $89.2 million. 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.

During 2017 Tim Cook's personal security costs were calculated at nearly half a million dollars, ($224,216.00), alongside a $93,109 bill for traveling on private jets for non-business trips.

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. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year. Apple gave a private jet to Steve Jobs in 2000, according to Business Insider.

This post has been updated with a clarification.

The company has chose to spend after Cook's security as well. The glass-sided store sits on shore of the Chicago River in the city's downtown.

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