Apple made a boatload of cash this year, and the iPhone’s sales performance is to blame. Again. That’s why Tim Cook and other Apple execs received appropriate compensation.
On top of that, the iPhone now forces Tim Cook to use private jets for all flights, whether they’re business or personal, rather than take commercial flights.
The news comes from Apple’s latest regulatory filing posted with the United States Securities and Exchange Commission. The document was filed ahead of Apple’s annual shareholders meeting set to take place on February 13th.
Cook received a 74% bonus boost, Bloomberg reports, after Apple posted higher revenue and profit in fiscal year 2017. Last year, sales declined compared to 2016.
Cook’s pay totaled $9.33 million in incentive pay for the year ending on September 30th. On top of that, he was awarded $3.06 million in salary, as well as $89.2 million in stock. His total compensation for the year reached $102 million.
As for Apple’s requirement for Cook to fly privately at all times, it’s a matter of security:
As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel. This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook’s role as CEO. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.
Cook’s “top five lieutenants,” as Bloomberg calls them received compensation totaling $24.2 million the year. That amount also includes Apple stock that vest only if they stay with the company. While the filing notes the names of various execs including Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, other top Apple execs aren’t mentioned. Notably absent is Jony Ive, who’s arguably one of the most important Apple employees.