21 June 2018
Apple Inc has revealed that the compensation of the company’s CEO Tim Cook as well as other senior executives. Apple CEO’s Tim Cook took home a compensation of $102 million in 2017, which included his salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million.
Apple also announced that the Tim Cook will now use a private aircraft "for all business and personal travel." The company stated that it has implemented the new flight policy in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. Cook’s traveling expenses ran up a $93,109 on private aircraft on non-business-related trips, while his personal security costs amounted to $224,216 in 2017.
The statement was filed by Apple in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, which is scheduled for February 13, 2018.
Apple’s top executive officers including Angela Ahrendts, Luca Maestri, Johny Srouji, Dan Riccio, and Bruce Sewell, all received bonuses of over $3 million, which brought their total compensation, including salary and stock awards to $24.2 million each. Apple’s retail head Angela Ahrendts was the highest paid executive with a total compensation of $24,216,072.
Apple shares gave returns of 39% in fiscal 2017, which is more than double that of the S&P 500. The company’s latest flagship device the iPhone X is expected to lead to a super cycle, which will boost its revenue considerably in 2018.
The latest report from market analyst Counterpoint says "In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales. Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series."