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Apple boosts pay for Tim Cook

29 December 2017

While better sales is good news for Apple, which saw sales decline for the first time a year ago, the company thought it also means Cook's security could be at risk.

His pay jumped 47% to $12.8M, up from $8.7M in 2016.

Cook has little to say about the situation if the board tells him he must use the private jet.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

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While Apple's revenue climbed in 2017 and is projected to continue in the green following the release of iPhone 8 and iPhone X, the company has been hit with a class action lawsuit after it admitted to slowing down iPhones as they age. "As we approach our holiday season, we expect it to be our biggest quarter ever".

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Cook's pay totaled $9.33 million in incentive pay for the year ending on September 30th. Cook's cash bonus was the largest among the six senior Apple executives. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072.

Cook's real wealth, however, comes from his stock options. He also bagged $89.2m worth of stock.

The statement continues by saying that any time an Apple private jet is used by Cook for personal travel, costs are to be considered as extra compensation, on which the CEO would need to pay the appropriate taxes.

In addition to covering executive compensation, the proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel". The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook.

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.

This post has been updated with a clarification.

Apple boosts pay for Tim Cook