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29 December 2017, 12:58 | Kenneth Drake
Apple’s Tim Cook must fly private
In 2016, missed targets meant Apple execs got only 89.5 per cent of their potential cash incentive payouts for the year. His total compensation for the year reached $102 million.
Even with the larger bonus, however, Cook's compensation was the lowest of any member of his executive team disclosed in the filing.
In addition to covering executive compensation, the proxy statement also says that Apple's board now requiresAppleCEO Tim Cook use private aircraft "for all business and personal travel".
The flight policy for Apple's CEO was implemented in 2017 in the interests of security and efficiency based on Cook's highly visible role.
Cook's total compensation was $12.8 million in 2017, up almost 50% from the previous year, according to the filing.
Cook made a total of US$12,825,066 this year, according to a statement filed with the Securities and Exchange Commission.
In the filing, the board also submitted the slate of eight nominees for reelection: Cook, Disney CEO Bob Iger, Al Gore, James Bell, Andrea Jung, Art Levinson, Ron Sugar, and Sue Wagner.
Applesaid 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). Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.
In 2014, executives including Dan Riccio, chief of hardware engineering, and former general counsel Bruce Sewell received performance awards that paid out three years later at nearly twice as many target shares as planned after Apple's stock returned 69 per cent over that span, including reinvested dividends.
The Cupertino, California-based company stated that higher bonuses were given this fiscal year as Apple performed better than the target set for net sales and operating income. Retail chief of Apple, Angela Ahrendts, was among the one who was the highest paid executive, bagging in $24,216,072.
Since then, demand for Apple'sneweriPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.
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