Apple CEO Tim Cook received 74% Bonus in fiscal 2017
In fiscal 2017, Apple Chief Executive Officer Tim Cook received a 74 percent increase in his annual bonus and received a salary of $3.06 million plus $9.33 million in bonuses and stock worth $89.2 million for a total compensation package of $102 million as reported by Bloomberg. Also, His top five lieutenants each got bonuses of $3.11 million.
Apple has increased the proportion of performance shares in its equity awards, which boosts potential future earnings for the executives if the company outperforms its S&P 500 peers. History suggests that could be a good deal for them.
For the first time, Cook ran up a $93,109 bill for traveling on private aircraft on non-business-related trips. The Apple board stipulated this year that for security reasons the CEO should use private planes for business and personal travel, citing the risk given his high profile. Personal security costs were calculated at $224,216.
Apple shares returned 39 percent in fiscal 2017, more than double that of the S&P 500. In November, shortly after the start of the current fiscal year, the company released iPhone X, a long-awaited upgrade to its flagship product. Analysts said they expect the new handset to help accelerate revenue growth.
Absent from Apple’s filing are details about what the company paid Chief Design Officer Jony Ive, considered by some to be its most important employee. In December, he resumed direct management of product design teams after working on the new Apple Park headquarters for the past two years.
News Source: Bloomberg