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Whether He Likes It Or Not, Apple CEO Tim Cook 'Must Now Fly On Private Aircraft'

Whether He Likes It Or Not, Apple CEO Tim Cook  'Must Now Fly On Private Aircraft'
File photo/AP
Whether He Likes It Or Not, Apple CEO Tim Cook 'Must Now Fly On Private Aircraft'
outlookindia.com
2017-12-28T15:41:52+0530

Apple CEO Tim Cook will now have his own private aircraft for personal travel for "security and safety reasons", a regulatory filing with Securities and Exchange Commission(SEC) has revealed.

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

The Board of directors has approved that the CEO must fly on private aircraft whenever he travels, be it for business or personal reasons, a new shareholder proxy statement from Apple has said.

On Wednesday, Apple, in the shareholder proxy statement, said, "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."

"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.

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

According to a report by The Telegraph, in the year2017, Cook took home $12.8 million for with $3.06 million as salary, $9.3 million in cash bonuses and the rest as additional compensation.

"This compares with the $8.7 million he was paid a year earlier when his salary was $3 million, bonus $5.4 million and additional compensation came in at $378,000," the report added.

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