wnol.info July 22 2018

Apple CEO Tim Cook's Annual Pay Jumps 47 Percent to $12.8 Million

July 22 2018, 11:50 | Alonzo Simpson

Justin Sullivan Getty Images AFP

Apple's Tim Cook now only uses private jets to travel & gets massive bump in pay

Apple disclosed it spent $224,216 on security services this year to protect its CEO, and footed the bill for $93,109 in air travel expenses for his personal use of private aircraft.

Apple's chief executive Tim Cook has been ordered by the firm to use only private jets for both business and personal transport.

The tech giant's CEO had a compensation package totaling $12.8 million for 2017, an increase of 47% over previous year, according to Apple's annual proxy filing Wednesday with the SEC.

Well, that's what Apple CEO Tim Cook is required to do. This year, Apple shelled out an extra $244,216 for his security.

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Apple gave its CEO a salary bump as sales and profit picked up this year. All told, Cook made $12,825,066 at Apple in 2017 - including a $16,200 contribution to Cook's 401 (k) retirement account from the company.

It also includes $440,374 in "other" compensation, according to a regulatory filing.

Cook's "top five lieutenants", as Bloomberg calls them received compensation totaling $24.2 million the year. In light of his high profile and the security costs, the Apple board suggested that he use private transportation in 2018. But the raises are also attracting scrutiny, coming on the heels of President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for "serious case of amnesia" after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE's new tax law which is expected to significantly benefit Apple and other corporations.

In the filing, the board also submitted the slate of eight nominees for reelection: Cook, Disney CEO Bob Iger, Al Gore, James Bell, Andrea Jung, Art Levinson, Ron Sugar, and Sue Wagner. The shareholder meeting will be held February 13, 2018, at the Steve Jobs Theater on Apple's new campus in Cupertino, Calif.

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