Apple's Tim Cook now required to fly private company plane

Apple's Tim Cook now required to fly private company plane

Apple's chief executive Tim Cook took home $102m (£76m) previous year, largely thanks to bonuses tied to the company's stock price.

According to new report from Bloomberg, Cook enjoyed a 47 percent jump in compensation in 2017, pulling in $12.8 million United States dollars for the year, including a $9.3 million cash bonus.

The 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".

Cook's "other" pay included $224,216 in security expenses and $93,109 for personal air travel. The last year, 2016, was not really a good year for Apple, as the sales had gone down.

In past, Apple CEO Steve Jobs also used to fly through his private airplane. Disney (DIS) CEO Bob Iger and Facebook (FB) CEO Mark Zuckerberg are also mandated to use private aircraft when traveling, according to the companies' respective regulatory filings. Cook's earnings increase came largely from a boost in incentive pay; he earned $5.4 million a year ago.

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As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook's salary. Tim Cook gets a substantial pay raise and private jet privileges.

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

Additionally, their claims are supported by documentation that shows stock price increased 36.7 percent, as also indicated in the abovementioned statement.

Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwan's Economic Daily reported, citing unidentified sources. The gross income of Apple is $151 more than that of Samsung, who is second on the list.

Since then, demand for Apple's newer iPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.

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