Apple's board finally started making CEO Tim Cook fly private

Alan Olson
December 29, 2017

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook must fly on private aircraft whenever he travels, be it for business or personal goal.

The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday.

It's been a good year for Apple and its CEO Tim Cook.

Cook's pay raise this year came mostly from cash bonuses; $9.3 million were added to Cook's $3 million annual salary.

Cook will not only fly via private plane for all business and personal travel.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year. 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.

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Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

Apple doled out rewards to other top executives besides Cook, too.

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.

The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

This post has been updated with a clarification. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft. The glass-sided store sits on shore of the Chicago River in the city's downtown.

Other reports by GlobalViralNews

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