Tim Cook now required to fly private as AAPL’s 2017 performance nets him $102M payout

Apple today published its most recent shareholder proxy statement, outlining some interesting details about its performance in 2017. As noted by Bloomberg, Tim Cook ended the year as a big winner, netting a 74 percent bonus thanks to the company’s strong performance in fiscal 2017…

The filing explains that Tim Cook received $9.33 million in incentive pay for the fiscal year ending September 30th. In addition to that, he received $3.06 million in salary and an equity award of $89.2 million. For the year, Cook’s total payout comes to just under $102 million.

Tim Cook has already said that he will be giving away the majority of his fortune during his lifetime in a systematic approach to philanthropy.

CFO Luca Maestri, retail VP Angela Ahrendts, hardware technologies VP Johny Srouji, hardware engineering VP Dan Riccio, and former general counsel Bruce Sewell each received bonuses of $3.11 million, for total compensation of $24.2 million each.

In fiscal 2017, AAPL shares offered returns of 30 percent, which is double the rate of the S&P 500. Executives are compensated in part based on performance of AAPL in comparison to the S&P 500.

Another interesting detail from Apple’s proxy statement filling is that Tim Cook is now required to fly on private aircraft. This policy was implemented in 2017 and applies to Cook’s business related and personal travel. Apple’s board of directors made the call and says the policy is “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 accrued $93,109 worth of personal travel costs in 2017, which is considered extra compensation and taxable. Furthermore, the filing says that Apple paid $224,216 in “incremental” security costs for Cook, as reported by Business Insider.

Apple’s proxy statement comes after it announced that it will hold its annual share meeting on February 13th at Steve Jobs Theater. Due to limited capacity, Apple is requiring shareholders to register for the meeting on a first-come, first-served basis on January 22nd, 2018 at 8AM PT.

Apple’s full proxy statement can be found here on the SEC’s website.

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