Apple raises pay for Tim Cook, other top executives

Tim Cook

The world's most valuable company requires its chief executive to use private aircraft for all business and personal travel as an "additional security measure", according to the company's most recent regulatory filing. His personal air travel expenses totaled $93,109 in Apple's 2017 fiscal year, which ended in September, and is based on hourly flight charges and variable fuel charges, as well as departure and landing fees.

Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.

The policy was implemented this year "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO". In 2016, Apple suffered shrinking iPhone sales and its first annual sales decline in 15 years.

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Cook also benefited from a generous share award, banking $89.2 million United States dollars worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011. It is natural for its runner and CEO Tim Cook to be on cloud nine too.

In a proxy statement filed with the US Securities and Exchange Commission, Apple said Mr Cook earned just over $3m (£2.2m) in salary, plus $9.3m (£6.9m) in bonuses.

Recently, Cook's salary and perks jumped 47 per cent to around $13 million in 2017, reported IANS.

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The company has chose to spend after Cook's security as well.

Since Cook took over from Steve Jobs in 2011, the company's share price has risen more than 200 per cent and has accumulated a war chest of over $US250 billion ($A320 billion) in cash, The New York Post also reports. With that said, Apple does make $151 more than Samsung, the next top performer, for every unit sold.

Cook was previously criticized by fans and critics for Apple's lack of innovation over the last couple of years.

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The resolution adopted by the council also demands the repatriation of all North Koreans working overseas within 24 months. North Korea has continued developing its ballistic missile and nuclear weapons programs in violation of U.N.

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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