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

Jon Howard
December 29, 2017

According to a report by Mac Rumors, Tim Cook apparently received a salary of $3.06 million this year.

But then in fiscal year 2017, Apple saw a major rebound across almost all of its categories. Sales from services such as iTunes, Apple Music, Apple Pay and apps rose by 20 per cent. Sign up for the free Good Morning Silicon Valley newsletter. But the raises are also attracting scrutiny, coming on the heels of President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr. for "serious case of amnesia" after testimony Skier Lindsey Vonn: I don't want to represent Trump at Olympics Poll: 4 in 10 Republicans think senior Trump advisers had improper dealings with Russia MORE's new tax law which is expected to significantly benefit Apple and other corporations. Personal security costs were calculated at $224,216. "As we approach our holiday season, we expect it to be our biggest quarter ever".

The bumper package is linked to Apple's share price performance versus its S&P 500 peers and comes after the company beat its annual sales and income targets.

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.

The other five executives each earned more than $24 million. Apple's retail chief, Angela Ahrendts, was the highest paid executive, bringing in $24,216,072. It also includes $440,374 in "other" compensation, according to a regulatory filing.

Tim Cook received a total of $12.8 million, an increase of 46 percent from past year when earnings fell, according to a regulatory filing on Wednesday.

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Over the path of 2017, expenses on personal air travel of Cook amounted to nearly $93,109 and Apple spent an extra $24,216 in the personal security costs that was provided for Cook.

"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO", the company wrote in the filing with the Securities and Exchange Commission.

Apple CEO Tim Cook chats with attendees of the iPhone X event.

Shareholders who feels like attending the shareholders meeting that will take place in the Apple Park, at Steve Jobs Theatre, requires registering themselves using the Proxyvote.com beginning at 8:00 am on 22 January, 2018.

This post has been updated with a clarification. The personal travel costs are added to Cook's overall taxable income for the year. The glass-sided store sits on shore of the Chicago River in the city's downtown.

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