Apple CEO Tim Cook now takes private planes only

29 December, 2017, 02:07 | Author: Martin Tyler
  • Apple CEO Tim Cook now takes private planes only

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

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.

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. 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 a year ago.

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

Apple shelled out $224,216 in incremental private security costs for Cook, including the hiring of personnel for his benefit, the proxy statement said.

Cook, who has been Apple's CEO since 2011, has seen his salary rise to $12,835,066 in 2017 from $8,747,719 a year ago, according to a SEC filing from Apple on Wednesday.

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Apple says Cook accumulated over $93,000 in travel costs it called personal for the company, based on the hourly charges for flying and other costs incurred for such use by Apple including departure taxes, landing fees and fuel charges.

Cook's predecessor, the founder of Apple Steve Jobs had his own private jet that was gifted to him during 2000 by Apple. That success led, in large part, to a 36.7 per cent increase in Apple stock prices year-over-year. "However, this is down from 86 per cent share in the same quarter a year ago when Samsung had to gulp up a loss due to the Galaxy Note 7 debacle", said Research Director Neil Shah. Being the top performer in the smartphone industry in the last quarter, Apple brought home nearly United States dollars 151 more than Samsung.

Since then, demand for Apple's newer iPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.

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