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Apple CEO Tim Cook's Annual Pay Jumps 47 Percent to $12.8 Million

29 December 2017

Cook made about $12.8 million in 2017, up from $8.7 million in 2016.

A filing with securities regulators during the week said the board determined that its CEO must use private aircraft for "all business and personal travel".

In 2016, Cook had security expenses of $220,432. It also includes $440,374 in "other" compensation, according to a regulatory filing. From now on Cook will be using only the private jets for all business and personal travels.

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The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit. Adding $89.2 million in equity award, Cook brought home a whopping $102 million in 2017, minus compensations.

Cook has little to say about the situation if the board tells him he must use the private jet. He's still actually the lowest paid among his executive team, who all make around $24 million a year.

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.

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The raises come after a strong financial year for Apple which saw revenue growth in both hardware products like its phones and computers as well as digital services like Apple Pay, Apple Music and its App Store.

The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package.

The new policy was first implemented recently in the interest of efficiency and security based upon the company's global profile and the very visible nature of Cook's role as the CEO, says a new proxy statement for Apple shareholders released Wednesday.

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The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

Apple CEO Tim Cook's Annual Pay Jumps 47 Percent to $12.8 Million