The year 2017 has brought good look for Apple, as well as company’s CEO Tim Cook. Cook achieved a tremendous mark in his income in 2017, mainly due to the increased sales of the company and non-equity incentives.
Apple’s CEO Tim Cook received a salary of $3.06 million, $9.33 million in bonuses and stock worth $89.2 million. This makes the total compensation package of the executive to be around $102 million, approximately.
The data was revealed by Apple today in a proxy statement filed with the United States Securities and Exchange Commission (SEC). Meanwhile, the company’s shareholder meeting is scheduled to be held in February 2018.
Apple’s net worth is over 900 billion dollars and the Cupertino based tech giant is aiming to become the first trillion dollar company in the world. The company’s policy in awarding its executives is praiseworthy. Alongside, Tim Cook’s non-equity incentives, company also awarded bonuses to other high officials, including Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell. All were given over $3 million of incentive alongside their salaries. All together other top executive earned $24.2 million each.
Interestingly the company’s proxy statement also reveals that Apple’s board now demands Cook to use private aircraft for all business and personal travel. The new flight policy of the company has recently been implemented in 2017. It is in the company’s interests of security and efficiency based on Cook’s vital role as company’s CEO.
Meanwhile, Tim Cook’s personal air travel expenses cost around $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook.
Apple booked $229.2 billion in net sales, and $61.3 billion in operating income in 2017, beating internal Apple estimates. This success leads to a 36.7% increase in Apple stock prices year-over-year.
Meanwhile, the company is also facing several lawsuits on account of admitting that it reduced older iPhones’ performance for a longer life of the aging battery.
Image Source: Bloomberg