Auburn alum Tim Cook tops $100 million in income for 2017

29 December, 2017, 01:09 | Author: Rosa Wright
  • Tim Cook

In integration to covering compensation of the executive, statement of today's proxy also states that board of Apple now needs Tim Cook; Apple CEO to use private aircraft for all kinds of business and even personal travels.

The policy was implemented this year "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".

It's been a good year for Apple and its CEO Tim Cook.

Cook's total pay package was valued at $12,825,066 for the 12 months ending September 30, 2017, according to the company's annual proxy statement that was filed today with the U.S. Securities and Exchange Commission. Facebook CEO Mark Zuckerberg and Disney CEO Bob Iger both rely on private planes for all their personal travel, according to the most recent company filings for each.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year.

Cook has little to say about the situation if the board tells him he must use the private jet.

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Cook is getting the mandatory perk that cost the company $US93,109 ($A119,459) this year for personal trips alone, The New York Post reports.

That left Cook with a 74% increase in his annual bonus.

But Cook's overall compensation - not counting the value of his shares that vested this year - was the lowest among the six senior executives in fiscal year 2017. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.



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