Published: Fri, December 29, 2017
Money | By Michele Stevens

Apple's CEO Must Fly Private Aircrafts For Security Reasons

Apple's CEO Must Fly Private Aircrafts For Security Reasons

Apple's chief executive Tim Cook has been ordered by the firm to use only private jets for both business and personal transport.

The executive officers at Apple that included Angela Ahrendts, Luca Maestri, Dan Riccio, Johny Srouji, and Bruce Sewell, they all received bonuses more than $3 million, bringing in their compensation, including stock awards and salary at an approximate rate of $24.2 million each, provided the fact that each one of them stays with the company long enough for awarded stock to lodge.

Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.

"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", Apple said in the shareholder proxy statement filed late on Wednesday.

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Apple made a boatload of cash this year, and the iPhone's sales performance is to blame.

While better sales is good news for Apple, which saw sales decline for the first time past year, the company thought it also means Cook's security could be at risk. He has also been told to fly private due to security reasons.

Cook's total compensation for 2017 jumped to $12.8 million - a roughly 47 percent increase from a year ago. "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.

Apple just awarded Tim Cook with a huge pay hike.

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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.

Additionally, their claims are supported by documentation that shows stock price increased 36.7 percent, as also indicated in the abovementioned statement.

Apple is now soaring high, as it has been for the last couple of years. The gross income of Apple is $151 more than that of Samsung, who is second on the list.

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