Published: Fri, December 29, 2017
Markets | By Josh Butler

Apple Board Tells Tim Cook to Fly Private Jet

Apple Board Tells Tim Cook to Fly Private Jet

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

The flight policy for Apple's CEO was implemented in 2017 in the interests of security and efficiency based on Cook's highly visible role. The report goes on to note that in 2017, the cost of Cook's private airfare came to about $93,109, while his personal security detail (bodyguards, etc.) cost the tech titan an additional $224,216. It could have made even more this quarter given it coincides with the launch of Apple's anniversary phone, coupled with increased sales this holiday season - analysts said six million iPhone Xs were sold over Black Friday.

The CEO will be also be required to travel by private jet moving forward. Cook's earnings increase came largely from a boost in incentive pay; he earned $5.4 million previous year.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

Apple just awarded Tim Cook with a huge pay hike.

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Wheeler said she expects the court to act on Simonds' motion quickly, because "there is some urgency involved here". Shelly Simonds' lawyers said Tuesday that they'll ask the court to reconsider its ruling after last week's recount.

As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel. He has also been told to fly private due to security reasons.

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

Just to put it in perspective: Apple's stock (NASDAQ: AAPL) started off the year at around $116.15 per share (at market close on January 3, 2017), but are now up about 39 percent (at $170.55 per share) as of Thursday, December 28th at 3:15 pm EST. Year-on-year sales growth was witnessed in all product categories in the fiscal fourth-quarter ended September 30, while revenue surged 12% to $52.6 billion. Being the top performer in the smartphone industry in the last quarter, Apple brought home nearly Dollars 151 more than Samsung.

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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