Saturday, 21 July, 2018

Apple CEO gets salary raise after higher profits through iPhone sales

Apple CEO Tim Cook outside a Temple in Mumbai CEO Tim Cook outside a Temple in Mumbai
Lindsey Cook | 29 December, 2017, 02:07

His pay jumped 47% to $12.8M, up from $8.7M in 2016.

According to its financial reports, the current 2017 fiscal year performance showcases a significant growth compared to their 2016 numbers.

But then in fiscal year 2017, Apple saw a major rebound across almost all of its categories.

That total included a $9.33 million bonus, a 74 percent increase from the year before, in addition to his $3.06 million in salary and equity award of $89.2 million.

On top of that, the iPhone now forces Tim Cook to use private jets for all flights, whether they're business or personal, rather than take commercial flights.

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The Apple CEO now has to fly private, even for personal travel on orders of Apple's board of director.

While better sales is good news for Apple, which saw sales decline for the first time a year ago, the company thought it also means Cook's security could be at risk.

And with the iPhone 8 and iPhone X now on the market, Cook is hoping for Apple's strongest fiscal year ever in 2018.

Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.

On Wednesday, Apple, in the shareholder proxy statement, 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 Cook's role as CEO". That brings Cook's total compensation for 2017 to a whopping $102 million. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation. 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 past year. Apple's shares have increased by more than 200% since Cook became chief executive in August 2011, shortly before founder and previous chief executive Steve Jobs died.

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