Apple CEO Tim Cook now takes private planes only

Apple CEO Tim Cook now takes private planes only

Apple CEO Tim Cook now takes private planes only

Apple's board rewarded CEO Tim Cook with a sizable increase in compensation for the company's fiscal year 2017, which saw the company return to growth after a rough 2016.

So the iPhone maker now wants Cook to fly private for "all business and personal travel", it said in the filing.

By far the largest payout went to Apple's CEO, Tim Cook, who not only received a cushy $9.33 million performance bonus for the year, but also took home $3.06 million in salary and a previously disclosed $89.2 million equity award for serving faithfully as Apple's CEO since 2011. Facebook CEO Mark Zuckerberg and Disney CEO Bob Iger both rely on private planes for all their personal travel, according to the most recent company filings for each.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year. In 2016, Cook actually saw his salary dip $1.5 million from the year before due to Apple falling short of its financial goals thanks to slumping iPhone sales and a downturn in Apple's business operations in China.

And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018. In all, Cook in 2017 made at Apple $12,825,065, which included a contribution of $16,200 to Cooks retirement account by the company. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft. Including that amount, Cook's total pay for the year topped $100 million. In 2017, it was nearly identical, at $224,216, but included the addition of personal air travel expenses in the amount of $93,109.

CFO Luca Maestri, retail VP Angela Ahrendts, hardware engineering VP Dan Riccio, hardware technologies VP Johny Srouji and former counsel Bruce Sewell received bonuses of $3.11 million for a total compensation of $24.2 million each.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

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