Tim Cook earns $102 mln in 2017, must use private jet for security reasons

Tim Cook, CEO, Apple Reuters

Apple Inc's Chief Executive Tim Cook received a salary of $102 million in 2017, which included an incentive payout of $9.33 million and a previously disclosed equity award of $89.2 million, Bloomberg reported on Thursday.

The Cupertino, California-based company gave Cook a 74 percent increase in his annual bonus for fiscal 2017 on the back of improved profit and revenue, according to a regulatory filing on Wednesday.

Senior executive officers at Apple, which included Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, all received bonuses of more than $3 million each, bringing their compensation, including salary and stock awards, to about $24.2 million each.

The data was shared ahead of the company's annual shareholders meeting on February 13, which will be held at the Steve Jobs Theater at Apple Park.

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For security reasons, the board requires Cook to "use private aircraft for all business and personal travel".

"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO," the statement said.

For the year 2017, Cook's personal air travel expenses totaled $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook, according to the filing.

The proxy statement also included six proposals that will require shareholder action at the upcoming meeting in February.

Proposals includes re-electing board members, re-appointing Apple's public accounting firm, approving executive compensation, establishing a Human Rights Committee, among others.

This article was first published on December 28, 2017