Apple CEO Tim Cook's earnings up 74% to $102m

Apple CEO Tim Cook's earnings up 74% to $102m

Apple CEO Tim Cook's earnings up 74% to $102m

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal goal, Business Insider reported on Thursday.

That total included a $9.33 million bonus, a 74 percent increase from the year before, in addition to his $3.06 million in salary and equity award of $89.2 million.

Each of the top officers, not including Cook, receive a base salary of $1 million, cash incentives and were awarded $20 million in stock with the tech giant.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year.

The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world.

Apple shelled out $224,216 in incremental private security costs for Cook, including the hiring of personnel for his benefit, the proxy statement said. He has been told by the company to do so following security concerns. That brings Cook's total compensation for 2017 to a whopping $102 million.

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Camera IconApple Chief Executive Tim Cook posed for a selfie with customers during the debut of the iPhone X at an Apple Store.

The American multinational technology company has also hired personal security services for Cook.

Senior retail vice president Angela Ahrendts eked out the highest paid honor by less than $100,000 due to additional compensation to help Ahrendts - the former Burberry CEO - move "closer to Apple's headquarters", according to the SEC filing.

Cook's predecessor, the founder of Apple Steve Jobs had his own private jet that was gifted to him during 2000 by Apple.

The filing noted that the value of the private flights is calculated as "imputed taxable income" which is not reimbursed by Apple.

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