January 23, 2018

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The iPhone 'forces' Tim Cook to fly private

29 December 2017

The flight policy was implemented in the interest of efficiency and security in 2017, based on the highly visible role as CEO of Cook.

Camera IconApple CEO Tim Cook tests out a new iPhone X during a media event at Apple's new headquarters in Cupertino, California.

Cook was paid $3.06 million (roughly Rs. 19.6 crores) in salary, as well as what the report notes as a previously disclosed equity award of $89.2 million (roughly Rs. 572 crores), which brings his total annual payout to $102 million (roughly Rs. 654 crores).

While executives have been criticized in the past for overzealously flying by private plane, Tim Cook now has no other option.

Cook doesn't tend to make many high-profile appearances, but his job does require him to travel to locales like Scotland, China and India, and Apple's stores and data centers across the U.S.

After the release of the iPhone X, the USA tech giant recorded a strong net profit of 19% from a year ago to $10.7 billion in the fiscal fourth quarter to September 30.

In documents filed with the USA markets regulator, Apple said the policy was "in the interests of security and efficiency".

"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November.

That left Cook with a 74% increase in his annual bonus.

Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

The American multinational technology company has also hired personal security services for Cook.

The iPhone 'forces' Tim Cook to fly private