Tim Cook gets a pay raise amid better iPhone profits

Tim Cook gets a pay raise amid better iPhone profits

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.

Recently, Cook's salary and perks jumped 47 per cent to around $13 million in 2017, reported IANS.

According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook must fly on private aircraft whenever he travels, be it for business or personal objective.

CEO Tim Cook will no longer be flying on commercial aircraft.

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And with the iPhone 8 and X in the market, Cook hoped for Apple's strong fiscal year ever in 2018.

Apple CEO Tim Cook's paycheck got a hefty addition thanks to the tech giant's performance boost in 2017. Cook also received $3.06 million in salary and an equity award of $89.2 million, meaning he made $102 million in fiscal year 2017 alone.

Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.

In 2016, documents that were reportedly filed with the U.S. Securities and Exchange Commission revealed his previous take at $8,747,719.

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As the head of the world's most valuable company, Mr Cook is also now forced to use private planes to travel for both business and personal purposes.

Apple said the reason for implementing the new policy for Cook is due to "interests of security and efficiency based on our global profile" and Cook's high profile as chief executive.

Mr Cook became Apple's chief executive after Steve Jobs resigned in 2011 and shares in the company have more than tripled under his watch.

Cook's "other" pay included $224,216 in security expenses and $93,109 for personal air travel.

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This post has been updated with a clarification. Disney (DIS) CEO Bob Iger and Facebook (FB) CEO Mark Zuckerberg are also mandated to use private aircraft when traveling, according to the companies' respective regulatory filings. The glass-sided store sits on shore of the Chicago River in the city's downtown.

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