Apple CEO Tim Cook Earned $102 Million in 2017, Must Now Fly Privately for Security Reasons

[MacRumors]

In fiscal 2017, Apple CEO Tim Cook received a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of approximately $102 million, reports Bloomberg.

The data was shared today by Apple in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, which will take place on February 13, 2018.

Executive officers at Apple, which included Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, all received bonuses of over $3 million, bringing their compensation, including salary and stock awards, to approximately $24.2 million each, provided each stays with the company long enough for awarded stock to vest. Angela Ahrendts, Apple's retail chief, was the highest paid executive, bringing in $24,216,072.

In addition to covering executive compensation, today's proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel." The flight policy was implemented in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.

Over the course of 2017, Cook's personal air travel expenses amounted to $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook.

The proxy statement also includes six proposals that will require shareholder action at the upcoming shareholders meeting in February. Proposals cover standard actions like re-appointing Apple's public accounting firm and re-electing board members, along with two shareholder proposals covering proxy access amendments and the establishment of a Human Rights Committee.

Apple's board of directors is recommending shareholders vote against both shareholder proposals, with the full text of all of the proposals available in the proxy statement filed with the SEC.

Shareholders who wish to attend the shareholders meeting, which will be held at the Steve Jobs Theater at Apple Park, will need to register using Proxyvote.com starting at 8:00 a.m. on January 22, 2018. Apple plans to accept registrations on a first-come, first-serve basis as space is limited.

Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

Article Link: Apple CEO Tim Cook Earned $102 Million in 2017, Must Now Fly Privately for Security Reasons

 

[farewelwilliams]

he was flying commercial before? good guy tim.

 

[Larry-K]

I know that's why I fly privately.

 

[Blackstick]

That's a badass reason to fly private.

 

[SuprUsrStan]

he was flying commercial before? good guy tim.

I totally expected him to fly private just like Jobs.

Remember how Jobs got stopped at Japan's security for bringing a sword onto his own plane?

 

[Michael Scrip]

he was flying commercial before? good guy tim.

Has anyone ever snapped a picture of him at the airport gate?

I just assumed he always flew privately.

 

[bdkennedy1]

I totally expected him to fly private just like Jobs.

Remember how Jobs got stopped at Japan's security for bringing a sword onto his own plane?

Remember how Jobs only took $1 a year for salary?

 

[zzLZHzz]

His personal air travel expense in 2017 is only $93,109?

 

[Mr. Dee]

Has anyone ever seen him fly commercial since he became CEO? You have to admit though, private jets were really designed for people like him. Can you imagine the stress he would go through at the terminal gate when it comes to selfie request, product feedback, 'where you going Tim?'.

 

[FloatingBones]

In addition to covering executive compensation, today's proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel." The flight policy was implemented in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.

That's got to be hell on your carbon footprint. Do you suppose Tim (or Apple) buys indulgences for all that air travel?

 

[Agent OrangeZ]

In B4 all the libs show up to say “No one deserves to make that much money.”

 

[Abazigal]

Given everything Apple has managed to accomplish this year, I do feel that Tim Cook deserves every cent he earned (and yes, I know this is going to be a very controversial statement).

Different people are needed at different points in a company history. Jobs was right for his era, but he would have been a disaster for the Cook era.

Cook is amazing, and has been responsible for most of the achievements of Apple, but not the initial innovation and concept that Jobs provided. Cook has refined the culture and expanded it, and has done as fine a job as any CEO in American history, if not world business history.

 

[scrapesleon]

THE guy hit the lotto Tim Cook

 

[darksithpro]

AAPL, first trillion dollar Market Cap in 2018? Company worth more that entire countries....

 

[bopajuice]

Could you imagine someone telling Tim to turn off his phone or tablet until they are in the air?

 

[krause734]

I wonder if he uses Airplane Mode?

 

[Cosmosent]

RE: "In fiscal 2017, Apple CEO Tim Cook received a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of approximately $102 million, ..."

Cook, aka "The Governor," for throttling-down Perf, made more in 2017 than 99.999% of ALL iOS App Developer companies.

I don't think he needs or deserves more Coin ... I do think he needs to do a much better job with the iOS and Mac app stores ! ... they are both catastrophically broken !

 

[Will.O.Bie]

Given everything Apple has managed to accomplish this year, I do feel that Tim Cook deserves every cent he earned (and yes, I know this is going to be a very controversial statement).

Different people are needed at different points in a company history. Jobs was right for his era, but he would have been a disaster for the Cook era.

Cook is amazing, and has been responsible for most of the achievements of Apple, but not the initial innovation and concept that Jobs provided. Cook has refined the culture and expanded it, and has done as fine a job as any CEO in American history, if not world business history.

You mean he made Apple more of a fashion accessory rather than a substantial technology company that used to be revered in the Pro world? I understand that he has made a few good decisions but "Jobs being a disaster for Cook's era?" Really?! I think I would have loved for Steve Jobs to have lived long enough to smack Tim upside the head and say to him "What the hell were you thinking?!"

And, "done as a fine job as any CEO in American history, if not world history?"

 

[HiVolt]

In B4 all the libs show up to say “No one deserves to make that much money.”

Well of course not, taking into consideration the wages that are paid to the people who actually make his gadgets...

 

[Bart Kela]

His personal air travel expense in 2017 is only $93,109?

The key word here is personal. That means stuff like vacations or visiting family.

The $93K does not cover business travel. Between domestic and international first-class fares, we're probably talking about 6 roundtrip tickets.

 

[Abazigal]

You mean he made Apple more of a fashion accessory rather than a substantial technology company that used to be revered in the Pro world? I understand that he has made a few good decisions but "Jobs being a disaster for Cook's era?" Really?! I think I would have loved for Steve Jobs to have lived long enough to smack Tim upside the head and say to him "What the hell were you thinking?!"

And, "done as a fine job as any CEO in American history, if not world history?"

Why does Apple need to be revered in the pro world to be considered a success?

Apple isn’t a tech company to begin with. I see Apple as a design company responsible for making technology more personal to the end user. I love my Airpods, my Apple Watch, my Apple Pencil, my iPad Pro.

https://www.aboveavalon.com/notes/2017/8/15/apple-has-the-best-business-model-for-generating-cash

 

[I7guy]

I wonder how he feels, having no recourse to keep his compensation private.

 

[dampfnudel]

I can understand with Tim, but I hope not too many people at Apple are required to fly private in the future because I’m not ready to pay $2,000 for an iPhone. I’m pushing myself with the current price.

 

[639051]

I wonder how he feels, having no recourse to keep his compensation private.

Well considering he's CEO of a publicly held corporation I'd imagine he knows it's par for the course. Don't like it? Don't take the job.

 

[McTaste]

Remember how Jobs only took $1 a year for salary?

Just like Cook, he made a killing on stock options.