The iPhone 'forces' Tim Cook to fly private

Posted December 29, 2017

Tim Cook will get paid $12.8 million which is 46% more compared to that of the past year.

Cook's real wealth, however, comes from his stock options.

The company rebounded in the latest fiscal year as it sold 216.7 million iPhones, up from 211.88 million in 2016, though still below the peak of 231.22 million iPhones sold in 2015.

Apple made a boatload of cash this year, and the iPhone's sales performance is to blame.

But then in fiscal year 2017, Apple saw a major rebound across almost all of its categories. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior.

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In documents filed with the U.S. markets regulator, Apple said the policy was "in the interests of security and efficiency". "As we approach our holiday season, we expect it to be our biggest quarter ever".

The tech mogul's pay included a $3.1 million base salary, along with $9.3 million in non-equity incentive pay and $440,374 in "other" payouts, the filing on Wednesday revealed. Cook's cash bonus was the largest among the six senior Apple executives. His total compensation for the year reached $102 million. He's still actually the lowest paid among his executive team, who all make around $24 million a year.

In addition, Apple expensed over $224,000 for incremental private costs for security for the CEO, says the proxy statement, including the hiring of personnel for the specific benefit of Cook.

Private air travel has become very expensive and to a point that even the wealthiest of businesspeople do not always use it. Warren Buffett named his private aircraft The Indefensible when finally giving into the convenience and the luxury they bring.

As if that weren't enough, at the behest of Apple's Board of Directors, Cook was also required to fly around for official business exclusively on a private jet this year, and will continue to moving forward, the report added.