Published: Sat, December 30, 2017
Markets | By Terence Owen

Tim Cook's pay jumps 47pc as Apple beats targets


For Apple CEO Tim Cook, Santa Claus came this Christmas season to drop down his chimney a 46 percent pay raise and the use of a private aircraft.

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. This year, Apple shelled out an extra $244,216 for his security.

For the company's 2017 fiscal year, which ended September 30, Apple reported sales of $229.2 billion (up 6.3% from the year prior) and net income of $48.4 billion (up 5.8%). That's up from $8,747,719 in fiscal 2016, which saw Apple's first dip in annual revenues in more than a decade as a result of lower iPhone sales.

That puts Cook in good company. "As we approach our holiday season, we expect it to be our biggest quarter ever". On top of that, he was awarded $3.06 million in salary, as well as $89.2 million in stock. Cook's earnings increase came largely from a boost in incentive pay; he earned $5.4 million a year ago.

Apple's filing disclosed Cook's pay, as well as the earnings of other top executive officers who made out even better than their boss. The other five executives all earned over $24 million.

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It also includes $440,374 in "other" compensation, according to a regulatory filing.

Cook's real wealth comes from his stock options.

Since Cook took over from Steve Jobs in 2011, the company's share price has risen more than 200 per cent and has accumulated a war chest of over US$250b ($352.7b) in cash, The New York Post also reports. Cook also has about 2.9 million additional unvested that haven't vested, according to the filing, worth over $450 million, according to the SEC filing. Security for him worked out to about $224,216.

A filing with securities regulators this week said the board determined that its CEO must use private aircraft for "all business and personal travel". This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO.

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