Tim Cook got a hefty raise this year

Tim Cook got a hefty raise this year

Tim Cook got a hefty raise this year

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".

In addition to covering executive compensation, the proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel".

The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday.

Cook's pay raise this year came mostly from cash bonuses; $9.3 million were added to Cook's $3 million annual salary. "Any time Cook uses an Apple private jet for personal travel, the costs are considered extra compensation, on which he will have to pay taxes", the statement further said. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior.

Since Cook took over from Steve Jobs in 2011, the company's share price has risen more than 200 per cent and has accumulated a war chest of over $US250 billion ($A320 billion) in cash, The New York Post also reports.

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After the release of the iPhone X, the United States tech giant recorded a strong net profit of 19% from a year ago to $10.7 billion in the fiscal fourth quarter to September 30.

The Board's decision to set Cook up with his own jet stemmed primarily from security concerns over the Chief Executive's safety.

That left Cook with a 74% increase in his annual bonus.

The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft. Retail chief of Apple, Angela Ahrendts, was among the one who was the highest paid executive, bagging in $24,216,072.

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