Apple CEO Cook gets 74% bonus boost after the company's earnings rebound


Apple's filing disclosed Cook's pay, as well as the earnings of other top executive officers who made out even better than their boss.

Cook's incentive pay totaled US$9.33 million for the year ended September 30, the California-based company said in a regulatory filing on Wednesday.

Additionally, new regulatory filings show that Cook has been given the use of a private jet for the first time, citing "the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as chief executive".

As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel.

Apple CEO Tim Cook earned a salary in fiscal 2017, 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, according to Bloomberg. Cook must use an Apple private jet whenever he travels, whether it is for work or pleasure.

Apple shares returned 39 percent in this fiscal year, more than double that of the S&P 500.

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Apple said transporting the chief executive around the world in 2017 cost more than $93,000 (£69,000) and his personal security costs ran to more than $220,000 (£163,000).

Cook and other Apple board directors, such as Disney CEO Bob Iger, former U.S. Vice President Al Gore and former Northrop Grumman CEO Ron Sugar, are up for election to remain on the board another year.

Most of his payment was in the form of non-equity incentive plan compensation, which is essentially a cash bonus for top executives.

The report further suggests that the data was shared by Apple through a proxy statement, which was filled with the United States Securities and Exchange Commission. Tim Cook will get paid $12.8 million which is 46% more compared to that of the previous year. In 2017, it was nearly identical, at $224,216, but included the addition of personal air travel expenses in the amount of $93,109.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.