The iPhone 'forces' Tim Cook to fly private

Cook made about $12.8 million in 2017, up from $8.7 million in 2016.

Yet Cook's previous stock awards vested in 2017 were worth an additional $89 million for the CEO, according to the filing with the Securities and Exchange Commission. Although each person received $1 million base salary compared to Cook's $3 million, they saw a boost that brings their total payout to around $24.2 million each.

The equity compensation is composed of shares that vest exclusively based on the executives' continued employment and others tied to the performance of Apple's stock compared with other S&P 500 companies. Separately, his received a massive increase in his annual bonus, thanks to earnings rebound for the company.

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.

Over the path of 2017, expenses on personal air travel of Cook amounted to nearly $93,109 and Apple spent an extra $24,216 in the personal security costs that was provided for Cook.

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

And with the iPhone 8 and iPhone X now on the market, Cook is hoping for Apple's strongest fiscal year ever in 2018.

"Lithium-ion batteries become less capable of supplying peak current demands when in cold conditions, have a low battery charge or as they age over time, which can result in the device unexpectedly shutting down to protect its electronic components", the company said in a statement.

Cash bonuses for the executives paid out above their target as the company beat net sales and operating income goals. Notably absent is Jony Ive, who's arguably one of the most important Apple employees. In December, he resumed direct management of product design teams after working on the new Apple Park headquarters for the past two years.

(Copyright © 2015. All Rights Reserved.)
 
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