Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

Tim Cook Earned $102 Million in 2017 and Transport via Private Jet

Apple CEO Tim Cook will now have his own private aircraft for personal travel for "security and safety reasons", a regulatory filing with Securities and Exchange Commission (SEC) has revealed. His personal air travel expenses totaled $93,109 in Apple's 2017 fiscal year, which ended in September, and is based on hourly flight charges and variable fuel charges, as well as departure and landing fees. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit. Iger's personal air travel expenses totaled $282,831 in fiscal 2016, while the Facebook chief executive racked up about $871,390 in costs related to personal usage of private planes a year ago. The last year, 2016, was not really a good year for Apple, as the sales had gone down.

The Apple CEO also received use of a private aircraft, which Cook was required to use for all business and personal travel.

Cook's "top five lieutenants", as Bloomberg calls them received compensation totaling $24.2 million the year.

Apple CEO Tim Cook chats with attendees of the iPhone X event.

More news: Cold weather to stick around Wednesday

Cook will not only fly via private plane for all business and personal travel.

In a new proxy statement on Thursday, Apple said, "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".

Additionally, their claims are supported by documentation that shows stock price increased 36.7 percent, as also indicated in the abovementioned statement. The gross income of Apple is $151 more than that of Samsung, who is second on the list. "However, this is down from 86 per cent share in the same quarter a year ago when Samsung had to gulp up a loss due to the Galaxy Note 7 debacle", said Research Director Neil Shah.

Apple's executive compensation programme is created to reward its senior-level officials when the company does well, and dock them when it doesn't.

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