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

tim cook headshot glassesIn 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.

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Top Rated Comments

bdkennedy1 Avatar
82 months ago
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?
Score: 43 Votes (Like | Disagree)
Will.O.Bie Avatar
82 months ago
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?" :eek:o_O
Score: 41 Votes (Like | Disagree)
Abazigal Avatar
82 months ago
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.
Score: 29 Votes (Like | Disagree)
krause734 Avatar
82 months ago
I wonder if he uses Airplane Mode?

Score: 29 Votes (Like | Disagree)
farewelwilliams Avatar
82 months ago
he was flying commercial before? good guy tim.
Score: 28 Votes (Like | Disagree)
itguy06 Avatar
82 months ago

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 owe me a keyboard. I spit my beer when I read that drivel. You do realize all of Cook's "success" rests on the heels of Jobs, right?
Score: 27 Votes (Like | Disagree)

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