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Apple CEO Tim Cook's earnings up 74% to $102m
30 December 2017, 12:29 | Cedric Leonard
Justin Sullivan Getty Images AFP
Apple's chief executive, Tim Cook, saw his salary and bonus jump 47pc in the a year ago to nearly $13m (£9.7m), a filing revealed on Wednesday.
Mr Cook became Apple's chief executive after Steve Jobs resigned in 2011 and shares in the company have more than tripled under his watch.
One of the more interesting tidbits from the filing was that Cook ran up a $93,109 tab flying on private jets for non-business related trips.
Apple's board of directors is now making CEO Tim Cook fly on private aircraft when he travels, whether it's for work or for pleasure.
Apple said the reason for implementing the new policy for Cook is due to "interests of security and efficiency based on our global profile" and Cook's high profile as chief executive. 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. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.
Cook's personal security costs also totalled US$224,216, ($316,357) according to the filing.
The market capitalisation for the iPhone maker has been hovering around US$900 billion ($1.2 trillion) and is up almost 50 per cent for the year. They were worth over $89 million at the time.
Apple's stock surged 37 per cent in fiscal 2017, more than doubling the increase in the S&P 500. In 2016, Apple suffered shrinking iPhone sales and its first annual sales decline in 15 years.
But it appears that the iPhone X has hit a wall as company shares took a tumble and sales expectations were down.
Apple sold more than 46.6 million iPhone handsets in the last quarter, up from 45.5m in the comparable period in 2016. That amount also includes Apple stock that vest only if they stay with the company. Chinese brands such as Huawei, Oppo and Xiaomi are also fighting for customers in China and other emerging markets, Bloomberg reports.
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