Apple raises pay for Tim Cook, other top executives

His personal air travel expenses totaled $93,109 in Apple's 2017 fiscal year, which ended in September, and is based on hourly flight charges and variable fuel charges, as well as departure and landing fees.

A filing with securities regulators this week said the board determined that its CEO must use private aircraft for "all business and personal travel".

Apple said the reason for implementing the new policy for Cook is due to "interests of security and efficiency based on our global profile" and Cook's high profile as chief executive. Mr. Cook's pay increase was driven by his cash bonus, which was hinged on exceeding. Due to slumping iPhone sales in 2016, Cook's pay was cut 15%.

The tech giant's CEO had a compensation package totaling $12.8 million for 2017, an increase of 47% over previous year, according to Apple's annual proxy filing Wednesday with the SEC.

After a rare decline in earnings at one point in 2016, the iPhone-maker saw growth in both revenue and net income in its 2017 fiscal year.

Many analysts expect Apple to again repatriate funds for stock buybacks, which would raise the value of its executives' shares.

However, he also got massive stock pay-out which brought his total 2017 pay to more than $100-million. While the filing notes the names of various execs including Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell, other top Apple execs aren't mentioned. In August, Cook collected 560,000 shares when part of his 2011 mega-award vested because Apple outshined more than two-thirds of the S&P 500 over three years.

The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.

Cook's personal security costs also totalled US$224,216, ($316,357) according to the filing.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

Related news:

Hot News

isis-killer-beheading-video-story-top Contenders go head-to-head in a delayed run-off vote for the presidency
Dec 29, 2017 - 00:37
Boakai said, on Sunday, he was "very, very confident" of winning, saying: "Victory is mine". As a result, Boakai is also plagued with the burden of being her deputy.

isis-killer-beheading-video-story-top Jerusalem to Name Train Station After Trump
Dec 28, 2017 - 00:20
President Donald Trump waves as he arrives at West Palm Beach global airport in West Palm Beach, Florida, U.S., December 22, 2017. Known in Israeli politics as "the bulldozer", he has succeeded in advancing numerous large infrastructure projects countrywide.

isis-killer-beheading-video-story-top Plane from Georgia skids off icy taxiway in Boston
Dec 27, 2017 - 00:28
Massachusetts Department of Transportation said it had almost 2,000 crews out plowing snow. No injuries have been reported among the passengers flying from Savannah, Georgia.

isis-killer-beheading-video-story-top County to begin collecting Christmas trees January 15
Dec 27, 2017 - 00:28
Trees can also be "decorated" by hanging peanut butter filled pine cones, suet and seed mixes, or fruit. Here are a few options of what to do with that live Christmas tree you bought this year.

isis-killer-beheading-video-story-top Q2 Weather: Cold, then snow, then more cold
Dec 27, 2017 - 00:16
According to a National Weather Service wind chill chart , frostbite can occur within 30 minutes at such low temperatures. Expect single digits above and below zero for the overnight lows and wind chills of 10 to 25 below overnight.

isis-killer-beheading-video-story-top Moscow Bus Crashes Into Subway Station Killing At Least 4
Dec 26, 2017 - 00:21
A bus in Moscow rolled down a pedestrian underpass on Monday, killing 5 people and injuring 15. Pedestrians and passengers on the bus were among those killed, Moscow police said.

isis-killer-beheading-video-story-top Guatemala to Move Embassy From Tel Aviv to Jerusalem
Dec 26, 2017 - 00:19
Most of the governments of the world have said that the Israel-Palestine struggle over Jerusalem should be settled through negotiations.

isis-killer-beheading-video-story-top Is slowing the performance of iPhones Apple's only solution to battery degradation?
Dec 24, 2017 - 00:45
In this case, the two claimants believe that their existing smartphones were affected after the iPhone 8 was launched. Apple said it was intended as a fix to deal with degraded lithium-ion batteries that could otherwise suddenly die.

isis-killer-beheading-video-story-top It's a three-banner day for local women's hockey
Dec 24, 2017 - 00:36
The Canadian women has won gold in the last four Olympic games. "Be sure to cheer on these great women as they make Canada proud". Clark has spent the 2017-18 season with the Hockey Canada National Team preparing for the games.

isis-killer-beheading-video-story-top India beat Sri Lanka by 88 runs in second T20I
Dec 23, 2017 - 00:25
India is already leading the three-match series 1-0, and the next bilateral battle will begin at 13:30 GMT. Sri Lanka had scored 260/6 against Kenya at Johannesburg in 2007.

isis-killer-beheading-video-story-top Lawsuit Says Companies Use Facebook To Exclude Older Workers From Jobs
Dec 22, 2017 - 00:30
In addition to employment, civil rights laws prohibit discrimination in housing, employment, lending, voting and education. Goldman compared the practice to running employment ads in magazines or on TV shows targeted at younger or older people.

isis-killer-beheading-video-story-top North Korea begins tests to load Anthrax onto ICBMs, report says
Dec 22, 2017 - 00:27
A wave of attacks occurred in the United States in late 2001 with the spores placed in envelopes which killed five people. National Security Strategy stated Kim Jong Un is pursuing chemical and biological weapons .

isis-killer-beheading-video-story-top Trump Commutes Sholom Rubashkin's Sentence
Dec 22, 2017 - 00:25
Rubashkin was the company's chief executive, and the plant had been the largest kosher meatpacking operation in the country. In November 2009, Rubashkin was convicted of 86 counts of financial fraud and money laundering.

isis-killer-beheading-video-story-top Rays trade Longoria to Giants, reports say
Dec 21, 2017 - 00:39
MLB.com lists Arroyo as the No. 1 prospect in the San Francisco system, while Krook and Woods rank 25th and 29th, respectively. Longoria is owed $81 million over the next five seasons before his deal has a team option for $13 million in 2022.

isis-killer-beheading-video-story-top NC is the 12th fastest-growing state. Here's why our size matters
Dec 21, 2017 - 00:34
Wyoming had the largest percentage decline among states, losing almost 5,600 resident or about 1% of the state's population. The distribution of seats in the House is based on the census taken every 10 years, with the next one scheduled for 2020.