Apple CEO Cook pockets $102m after 74% bonus hike

Apple requires its CEO to use corporate jets for security reasons.

Apple said transporting the chief executive around the world in 2017 cost more than $93,000 (£69,000) and his personal security costs ran to more than $220,000 (£163,000).

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".

Apple introduced the iPhone X late this year, its most expensive smartphone since the iPhone 6.

Apple's chief executive, Tim Cook, saw his salary and bonus jump 47pc in the past year to nearly $13m (£9.7m), a filing revealed on Wednesday. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior.

However, he also got massive stock pay-out which brought his total 2017 pay to more than $100-million. He also benefited from a generous share award, banking $89.2m worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011. The personal travel costs are added to Cook's overall taxable income for the year.

And in November, Apple was forced to push out an update to fix a major security hole in its Mac operating system that made it possible to gain entry to a Mac without a password, and also have access to powerful administrator rights. Apple's senior vice president of retail, Angela Ahrendts, former CEO of Burberry, topped the list with a total compensation of $24.2 million in 2017.

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

The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.


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