Apple boosts pay of Tim Cook, received total payout of $102 million
Given the performance of iPhones, Apple has made a huge profit this year which led Tim Cook to receive a boost of 74% in the bonus. Cook’s pay amounted $9.33 million in incentive pay for the year ending in September. On top of that, he was given $3.06 million in salary, as well as $89.2 million in stock. His total compensation for the year stood at $102 million.
It is also reported that Cook was paid for the expenses for using the private jet, for his 'personal safety and security.' The cost of flying on his private jet cost the company over $93,000 whereas the personal security costs came up to $224,216.
Apple issued a press release stating:
Our executive compensation programme is designed to reward performance simply and effectively. It reflects the unique size, scope, and success of Apple's business and the importance of our executive officers operating as a high-performing team while focusing on key measures of profitability and the creation of shareholder value.We believe the compensation paid to our named executive officers for 2017 appropriately reflects and rewards their contributions to our performance.
Angela Ahrendts, Apple’s senior vice-president of retail and online stores, has once again become Apple’s best-paid employee. She took home US$24.2 million in 2017. Other well-paid Apple executives include finance chief Luca Maestri, hardware presidents Johny Srouji and Dan Riccio, and general counsel Bruce Sewell.