Tim Cook salary and perks jump 47%in 2017

Tim Cook was paid nearly $13 million in 2017 as salary – a 47 per cent jump over last year.

Apple said in a shareholder proxy statement that Cook’s salary bump has been approved by the board. Apple’s CEO was paid $3.06 million as salary, $9.3 million in cash bonuses and the rest as additional compensation – $12.8 million – for 2017. Compare that to 2016, Cook was paid $3 million, bonus $5.4 million and additional compensation came in at $378,000.

The statement also revealed that from now on, Cook will be travelling – be it for business or personal reasons – on a private aircraft even for personal travel for “security and safety reasons”.

“This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook’s role as CEO,” Apple said in the statement.

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

“Any time Cook uses an Apple private jet for personal travel, the costs are considered extra compensation, on which he will have to pay taxes,” the statement further said.

Apple has also hired “personal security services” for Cook.

According to the latest report from Counterpoint, Apple continues to command lion share of mobile handset industry profits capturing almost 60 percent share globally.

“However, this is down from 86 percent share in the same quarter last year when Samsung had to gulp up a loss due to the Galaxy Note 7 debacle,” said Research Director Neil Shah.

Apple`s profit share declined by 30 percent (YoY) mainly due to increased mix of previous generation iPhones.

“In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales. Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series,” Counterpoint said.