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$100 Million Richer For Apple’s CEO Tim Cook In 2017

Apple’s CEO, Tim Cook didn’t have a year like Amazon’s Jeff Bezos who made around $34 billion in 2017. But Mr Cook still had a wonderful year earning around $100 million in 2017, with a 75% increase in his bonus based on the stock performance of Apple.

This comes after a recent report from Bloomberg, mentioning that Apple’s CEO was given around $89 million in stock, which was noted in a filing on Wednesday with US Securities and Exchange Commission. Tim Cook’s base salary is $3 million a year and then usually getting another $9-10 million in bonuses. But because of the great stock return of Apple (39% return in 2017), his bonuses have taken a huge bump compared to normal.

 

 

Lots of success for Apple has been made in the areas of services and products. Apple is pushing heavily into original content and is having great success with Apple Music. In addition, sales of the new iPhone 8, iPhone 8 Plus and iPhone X have been strong and expected to continue to be the cash cow for Apple in the foreseeable future.

In addition to the CEO position, other executives at Apple got a nice bonus for their work in 2017. The top 5 bonus receivers each got around $3 million. One person that many wonder why isn’t on the compensation list is Jony Ive, who is Apple’s Chief Design Officer, many believe that his pay is much higher compared to other executives, thus the secrecy of his annual pay.

In addition, Apple has changed its portion of shares given for performance with an increase. The last time the company did this was back in 2014 which ended great for executives as Apple’s stock rose by 69% over that period.

Some other notes in the filing with the SEC is some personal things regarding Tim Cook. Apple’s board has decided that Mr. Cook should be taking private planes for both personal and business related actives for security reasons. In addition, Tim Cook’s non-business released travel costs was around $93,000 and personal security costs came out to be around $224,000 for 2017.

 

 

Source: [ Bloomberg ]

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