Apple CEO Tim Cook Earned $102 Million in 2017, Must Now Fly Privately for Security Reasons
In fiscal 2017, Apple CEO Tim Cook received a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of approximately $102 million, reports Bloomberg.
The data was shared today by Apple in a proxy statement filed with the United States Securities and Exchange Commission ahead of the company's annual shareholders meeting, which will take place on February 13, 2018.
Executive officers at Apple, which included Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, all received bonuses of over $3 million, bringing their compensation, including salary and stock awards, to approximately $24.2 million each, provided each stays with the company long enough for awarded stock to vest. Angela Ahrendts, Apple's retail chief, was the highest paid executive, bringing in $24,216,072.
In addition to covering executive compensation, today's proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel." The flight policy was implemented in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO.
Over the course of 2017, Cook's personal air travel expenses amounted to $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook.
The proxy statement also includes six proposals that will require shareholder action at the upcoming shareholders meeting in February. Proposals cover standard actions like re-appointing Apple's public accounting firm and re-electing board members, along with two shareholder proposals covering proxy access amendments and the establishment of a Human Rights Committee.
Apple's board of directors is recommending shareholders vote against both shareholder proposals, with the full text of all of the proposals available in the proxy statement filed with the SEC.
Shareholders who wish to attend the shareholders meeting, which will be held at the Steve Jobs Theater at Apple Park, will need to register using Proxyvote.com starting at 8:00 a.m. on January 22, 2018. Apple plans to accept registrations on a first-come, first-serve basis as space is limited.
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