Big salary rise for Apple's CEO Tim Cook, gets 74% bonus boost
Apple’s CEO Tim Cook was paid £76 million ($102 million) this year equating to nearly 74 percent increase in his annual bonus for fiscal 2017. Cook received £6.9 million ($9.33 million) just by way of bonuses for the year ended Sept. 30. This was linked to the company’s impressive share price performance which was more than double that of the S&P 500. Unsurprisingly, the company also beat its annual sales and income targets.
According to Bloomberg, the iPhone maker in a regulatory filing, declared that its Chief Executive Officer also took home £2.2 million ($3.06 million) in salary and a previously disclosed equity award of $89.2 million, bringing his total payout for the year to about $102 million.
The report further reveals that Cook was also paid for the first time, expenses for the use of his private jet, for his 'personal safety and security'. Just the cost of flying on his private jet cost the company over $93,000 whereas the personal security costs came up to $224,216.
The regulatory filing released by the US tech giant read:
'Our executive compensation programme is designed to reward performance in a simple and effective way. It reflects the unparalleled size, scope, and success of Apple's business and the importance of our executive officers operating as a high-performing team, while focusing on key measures of profitability and the creation of shareholder value.'
‘We believe the compensation paid to our named executive officers for 2017 appropriately reflects and rewards their contributions to our performance.'
The Cupertino, US-based giant also booked net sales and operating income for 2017 of $229.2 billion £170 million ($229.2 billion) and £45.4 billion ($61.3 billion) respectively, while its share price rose 36.7 per cent in 2017. The company sold more than 46.6 million iPhone handsets in the last quarter, up from 45.5 in the comparable period in 2016. Likewise, the company also saw iPhone sales increase by 3%, reflecting a steady start for the iPhone 8, which went on sale in September. Overall, the company’s shares also returned 39 percent in fiscal 2017.