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Apple CEO gets salary raise after higher profits through iPhone sales

Apple CEO gets salary raise after higher profits through iPhone sales

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

San Francisco: Apple CEO Tim Cook, who saw his salary and perks jump 47 per cent to nearly $13 million in 2017, will now fly on private aircraft even for personal travel for "security and safety reasons".

Apple CEO Tim Cook is now required by Apple's board of directors to fly on private aircraft, even for personal travel.

Of that total, only US$3,057,692 came from Cook's base salary, which was about the same as the year before. The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook. The report goes on to note that in 2017, the cost of Cook's private airfare came to about $93,109, while his personal security detail (bodyguards, etc.) cost the tech titan an additional $224,216. He has been told by the company to do so following security concerns.

Apple's CEO also has about 2.9 million more unvested shares, worth more than $450 million, according to the SEC filing. His total compensation for the year reached $102 million. He also received $9.3m in bonuses, plus $89m of shares that were promised to him if he met certain targets.

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.

His top five lieutenants each got bonuses of $3.11 million, bringing their total compensation to about $24.2 million each, including salaries and stock awards. In 2017, Cook received a previously disclosed $89 million stock payout as part of a welcome package dating back to 2011. This takes place a few weeks before Apple's official annual shareholder's meeting. The personal travel costs are added to Cook's overall taxable income for the year.

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