Apple CEO Cook gets 74% bonus boost after the company's earnings rebound

Tim Cook

Apple's board implemented a policy in 2017 requiring Cook to "use private aircraft for all business and personal travel" for his safety, according to regulatory filings published on Wednesday.

Cook, who has been Apple's CEO since 2011, has seen his salary rise to $12,835,066 in 2017 from $8,747,719 past year, according to a SEC filing from Apple on Wednesday.

The Cupertino, California-based company stated that higher bonuses were given this fiscal year as Apple performed better than the target set for net sales and operating income.

According to the latest report from Counterpoint, Apple continues to command the lion's share of mobile handset industry profits capturing nearly 60 per cent share globally.

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. Because 2017 was a 53-week fiscal year, the year's salary amounts reflected an extra week of pay; for Cook, that meant an additional $57,692.

CFO Luca Maestri, retail VP Angela Ahrendts, hardware engineering VP Dan Riccio, hardware technologies VP Johny Srouji and former counsel Bruce Sewell received bonuses of $3.11 million for a total compensation of $24.2 million each. Their total compensation - including salary, stock awards, and bonuses - ends up being approximately $24.2 million each.

"I couldn't be more excited about Apple's future", said Cook, during a call with analysts to discuss the company's quarterly earnings in November. Cook, 57, was named CEO in August 2011 after previously serving as COO.

Cook's incentive pay totaled US$9.33 million for the year ended September 30, the California-based company said in a regulatory filing on Wednesday.

In 2017, Cook's personal air travel expenses totaled $93,109, and Apple spent an additional $224,216 in personal security costs provided to Cook. That success led, in large part, to a 36.7 per cent increase in Apple stock prices year-over-year.

The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

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