Apple Board Tells Tim Cook to Fly Private Jet

Janie Parker
December 29, 2017

Apple's chief executive Tim Cook has been ordered by the firm to use only private jets for both business and personal transport. The board of directors said in a statement that the decision, which took effect this year, was "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".

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. From now on Cook will be using only the private jets for all business and personal travels.

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. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior.

The company is heavily dependent on the success of iPhones, which account for more than two-thirds of its total revenue.

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And with the iPhone 8 and iPhone X now on the market, Cook is hoping for Apple's strongest fiscal year ever in 2018. He has been told by the company to do so following security concerns.

As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook's salary. "Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series", Counterpoint said.

The filing noted that the value of the private flights is calculated as "imputed taxable income" which is not reimbursed by Apple. He's still actually the lowest paid among his executive team, who all make around $24 million a year. His total compensation for the year reached $102 million.

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

Other reports by TheDailyFarc

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