Apple's Tim Cook now required to fly private company plane

French activists unconvinced by Apple apology vow to maintain iPhone lawsuit

Apple reported that Mr Cook's personal travel expenses came to $93,109 (£69,253) in 2017.

"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", the company wrote in the filing with the Securities and Exchange Commission. Cook's earnings increase came largely from a boost in incentive pay; he earned $5.4 million previous year. The biggest component was a cash bonus of $9.3 million (up 74% from his 2016 bonus) under Apple's incentive plan tied to revenue and profit performance.

Apple Inc's chief executive Tim Cook has just received a record compensation package of $102 million this fiscal year.

"Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer's annual cash incentive", the company's filing said. Including that amount, Cook's total pay for the year topped $100 million.

Apple's Tim Cook now only uses private jets to travel & gets massive bump in pay

The proxy statement goes on to say that 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.

His personal security expenses came to $224,216, the tech giant added. In August, Cook collected 560,000 shares when part of his 2011 mega-award vested because Apple outshined more than two-thirds of the S&P 500 over three years.

Cook, along with 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 in the board another year. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year.

Apple's board of directors is now making CEO Tim Cook fly on private aircraft when he travels, whether it's for work or for pleasure. The shareholder meeting will be held February 13, 2018, at the Steve Jobs Theater on Apple's new campus in Cupertino, Calif.

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