As an additional security measure for Mr. Cook, the Board also requires that he use private aircraft for all business and personal travel. It is natural for its runner and CEO Tim Cook to be on cloud nine too.
The flight policy for Apple's CEO was implemented in 2017 in the interests of security and efficiency based on Cook's highly visible role. So Cook pays tax on it. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit.
The tech mogul's pay included a $3.1 million base salary, along with $9.3 million in non-equity incentive pay and $440,374 in "other" payouts, the filing on Wednesday revealed.
The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package.
His pay jumped 47% to $12.8M, up from $8.7M in 2016.More news: Two families displaced after mobile homes catch fire in northwest Charlotte
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.
Additionally, their claims are supported by documentation that shows stock price increased 36.7 percent, as also indicated in the abovementioned statement. With that said, Apple does make $151 more than Samsung, the next top performer, for every unit sold.
But it appears that the iPhone X has hit a wall as company shares took a tumble and sales expectations were down.
Apple's executive compensation programme is created to reward its senior-level officials when the company does well, and dock them when it doesn't. Chinese brands such as Huawei, Oppo and Xiaomi are also fighting for customers in China and other emerging markets, Bloomberg reports.