Auburn alum Tim Cook tops $100 million in income for 2017
29 December, 2017, 02:10 | Author: Kathy Ellis
The world's most valuable company requires its chief executive to use private aircraft for all business and personal travel as an "additional security measure", according to the company's most recent regulatory filing. Adding $89.2 million in equity award, Cook brought home a whopping $102 million in 2017, minus compensations. Mr. Cook's pay increase was driven by his cash bonus, which was hinged on exceeding.
The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday.
Over the path of 2017, expenses on personal air travel of Cook amounted to nearly $93,109 and Apple spent an extra $24,216 in the personal security costs that was provided for Cook. That's because Apple had fallen short of its financial goals, amid slumping iPhone sales and a downturn in the Cupertino-based company's Chinese business operations.
For AppleCEO Tim Cook, Santa Claus came this Christmas season to drop down his chimney a 46 percent pay raise and the use of a private aircraft.
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Cook's total compensation for 2017 jumped to $12.8 million - a roughly 47 percent increase from a year ago. He has also been told to fly private due to security reasons.
Cook's predecessor, the founder of AppleSteve Jobs had his own private jet that was gifted to him during 2000 by Apple.
According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook must fly on private aircraft whenever he travels, be it for business or personal goal.
Apple's stock surged 37 per cent in fiscal 2017, more than doubling the increase in the S&P 500. Last year, sales declined compared to 2016.
Since then, demand for Apple'snewer iPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.
On Dec. 28, New York Daily News reported that Garner, 27, was declared brain dead by doctors without a chance of recovery. After a video of Garner's death went viral, activists gathered across the nation to protest police brutality.
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Shastri added that the tours of South Africa, England and Australia in 2018 will help improve the current Kohli-led outfit. The weather conditions there are also different as compared to the sub-continent.