Citing security, Apple's board mandates CEO Tim Cook use private jet for all business & pe...

Posted:
in General Discussion edited December 2017
Apple Chief Executive Tim Cook earned a whopping $102 million in pay and awards in 2017, along with the perk of flying private wherever he travels. But the latter decision wasn't his -- it was mandated by the company's board of directors, who are concerned about his safety.




Cook's private airfare in 2017 cost Apple some $93,000, according to Bloomberg. His personal security costs added nearly another $225,000 to the bill.

With Apple having just concluded its most profitable fiscal year in corporate history, and about to report what is likely its most profitable quarter in history, it's unlikely that the board minds those relatively small costs.

A much bigger sum, however, was paid to the company's top brass: Retail head Angela Ahrendts, CFO Luca Maestri, hardware engineering senior VP Dan Riccio, chief counsel Bruce Sewell, and hardware technologies VP Johny Srouji each received total compensation of about $24.2 million. Much of that, however, will only be paid out if the executives stay long enough for stock to vest.

Heading into the new year, shares of AAPL are trading near their all-time high, and north of $170, they are considerably above the 52-week low of $114.76.

The compensation and costs for Cook and other executives were revealed as part of a U.S. Securities and Exchange Commission filing this week. It's expected that Apple will report the results of the soon-to-conclude December quarter in late January or early February, followed by the company's annual shareholders meeting on Feb. 13 at the Apple Park Steve Jobs Theater.
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Comments

  • Reply 1 of 65
    Looks like we've gone a long way from the days when Steve Jobs worked for $1.00 per year salary.
    zroger73markacetoSpamSandwichviclauyyc1983
  • Reply 2 of 65
    wozwozwozwoz Posts: 215member
    Yes - a long way and the wrong way. 
    malcolmtuckerSpamSandwichdysamoriatyler82markaceto
  • Reply 3 of 65
    Tim Cook should be fired after ThrottleGate.

    Apple should buy Tesla and make Elon CEO.

    Make Woz VP of Engineering.
    xzu
  • Reply 4 of 65
    SoliSoli Posts: 8,571member
    Looks like we've gone a long way from the days when Steve Jobs worked for $1.00 per year salary.
    If you think Jobs only earned $1 a year and had to pay for N2N private jet himself you're sorely mistaken.
    kkqd1337iqatedo2old4funcornchippatchythepiratedewmejony01983
  • Reply 5 of 65
    tyler82 said:

    Make Woz VP of Engineering.
    You must be kidding... Woz is so far behind the curve on technology that he couldn’t design a thing today... and he knows it too.
    randominternetpersoneideard2old4fundysamorialostkiwiStrangeDaysjony0
  • Reply 6 of 65
    Looks like we've gone a long way from the days when Steve Jobs worked for $1.00 per year salary.
    tyler82 said:
    Tim Cook should be fired after ThrottleGate.

    Apple should buy Tesla and make Elon CEO.

    Make Woz VP of Engineering.
    Elon Musk definitely has a style of leadership similar to Steve Jobs; and also something Tim Cook falls short at; and also leaves many things desired. Secondly, I don't think people truly realized the impact Wozniak had on Apple; Jobs and Wozniak remained friends following all the terrible things that persuaded Wozniak to leave.
  • Reply 7 of 65
    SoliSoli Posts: 8,571member
    tyler82 said:
    Tim Cook should be fired after ThrottleGate.

    Apple should buy Tesla and make Elon CEO.

    Make Woz VP of Engineering.
    Elon Musk definitely has a style of leadership similar to Steve Jobs; and also something Tim Cook falls short at; and also leaves many things desired. Secondly, I don't think people truly realized the impact Wozniak had on Apple; Jobs and Wozniak remained friends following all the terrible things that persuaded Wozniak to leave.
    Believing Musk could run Apple better than Cook shows that you have no idea what you're talking about. Even with Jobs as CEO Apple couldn't have gotten to where it was without Cook.
    leavingthebiggGeorgeBMaciqatedotechprod1gywigbyeideardcharlesgrespatchythepirateStrangeDayswatto_cobra
  • Reply 8 of 65
    Looks like we've gone a long way from the days when Steve Jobs worked for $1.00 per year salary.
    tyler82 said:

    Make Woz VP of Engineering.
    You must be kidding... Woz is so far behind the curve on technology that he couldn’t design a thing today... and he knows it too.
    Well, I think Fusion-IO still a fantastic system. Wozniak had a role as Chief Scientist at the company that developed the concept and hardware before SanDisk bought the company. Now, the technology is seen in high-performance server systems sold by HP, IBM, and Appp... Oh wait, Apple doesn't have an enterprise server anymore...
    xzu
  • Reply 9 of 65
    mike54mike54 Posts: 306member
    I hope Tim Cook goes back to his previous role and get someone else to be CEO.
    SpamSandwichdysamoriaxzumarkaceto
  • Reply 10 of 65
    Wow. That’s a tough rule. Strangly i can’t  remember the last time I saw a globally famous multi-multi billionaire queing at a airline gate
    cornchippatchythepirate
  • Reply 11 of 65
    jumejume Posts: 186member
    Soli said:
    tyler82 said:
    Tim Cook should be fired after ThrottleGate.

    Apple should buy Tesla and make Elon CEO.

    Make Woz VP of Engineering.
    Elon Musk definitely has a style of leadership similar to Steve Jobs; and also something Tim Cook falls short at; and also leaves many things desired. Secondly, I don't think people truly realized the impact Wozniak had on Apple; Jobs and Wozniak remained friends following all the terrible things that persuaded Wozniak to leave.
    Believing Musk could run Apple better than Cook shows that you have no idea what you're talking about. Even with Jobs as CEO Apple couldn't have gotten to where it was without Cook.
    Cook is a god damn good capitalistic-wallstreet kind of CEO for earning cash to his investors by milking his customers while Elon and Jobs where visionaries. I don't say Jobs didn't know how to milk his customer, but he was way different then Cook. 
    dysamoriamarkaceto
  • Reply 12 of 65
    considering the New York Knicks gave Joakim Noah a 4 year $72 million contract last year, I'd say Apple got a real bargain.

    (An over the hill basketball center coming off a suspension for steroids VS the leader of the most valuable company in the world)
    edited December 2017 eidearddysamoria
  • Reply 13 of 65
    Only reason Steve worked for $1 is because he was filthy rich from the sale of Pixar to Disney. Also didn’t the stock options scandal happen on his watch?


    cornchipStrangeDays
  • Reply 14 of 65
    Only Tim Cook can beat Tim Cook at this point. A Riddick Bowe in his prime. 

    Musk doesn’t know how to ship, unfortunately, not to mention that Tesla products have serious issues with quality control. Musk can’t get his bread and butter lineup right. Big vision but lousy execution does not a great CEO make. Maybe in future Tesla will look more like an Apple during the second coming of Steve. But not today, and in terms of *this* discussion at least, today is all we really have. 
    eideardtmayStrangeDays
  • Reply 15 of 65
    I thought it was $103 million ... maybe the missing $1 million was accidentally kicked under the same rug along with the transparency last week.
  • Reply 16 of 65
    Rayz2016Rayz2016 Posts: 4,556member
    Looks like we've gone a long way from the days when Steve Jobs worked for $1.00 per year salary.
    Steve Jobs worked for $1.00 plus a $60million Gulfstream V jet given to him by Apple.

    You didn’t know that?  Wow.

    As well as the jet, Jobs received a stock option deal that later proved to be legally questionable. 

    Cook has not been given a plane. Apple just leases planes for his use, and I’m actually surprised that anyone expects him to fly on commercial aircraft. 

    The only thing that surprised me was how little they’re paying for leasing a flight. 

    In the UK, the Brexit Minister insists on being shuttled around Europe by the RAF, and this is a man who lied about doing any prep work for the exit and also admitted that he didn’t need to be very clever to do his job … which is just as well really. 






    anantksundarameideardcornchipStrangeDays
  • Reply 17 of 65
    For a man in Tim’s position, flying commercial is silly.  This is a practical change.  Most CEOs with access to a corporate or lease jet will demand to use it.  It speaks volumes that Tim hasn’t.  

    Musk is brilliant but he’s not shipping.  If the 3 were hitting the streets at 20000 optimum quality units a month, he’d have it made.  He’d be disrupting the entire industry.  I’d say it’s a massive fail.  By the time Tesla begins to ship in volume, the competition will be right on its heels.

    Tim has handled riding the Saturn V Post-Jobs rocket.  He hasn’t made any huge mistakes.  This batterygait thing is dumb people looking for a way to cash in.  To my mind, Apple admitted it because they genuinely felt it was a good engineering decision.  The fail was not putting an added option on the Low Power Mode screen, “Time for a new battery.  Would you prefer full performance and shorter battery life or...”

    What I perceive in the Tim era is
    • Mild erosion in the functionality of some Apple Apps. Mainly, fashion over function choices. Things like KeyChain are literally a joke.
    • Significantly falling behind in AI.  To me, Siri is still almost silly, especially compared to the competition.  I truly understand why, but the market doesn’t care about security.
    • Slow to ship - HomeKit, All Macs, HomePod, Disruptive electric/self-driving car tech, etc.
    • Absence of bold new devices.  All they’ve done is the watch.
    All of the above smell like a lack of courage and senior VP ass kicking, which is what allows process to overtake content.  2018 better be a good year.
  • Reply 18 of 65
    Must be all those violent radicalized leftists who are suddenly a concern to the Apple board.
    anton zuykovboltsfan17patchythepirate
  • Reply 19 of 65
    Rayz2016Rayz2016 Posts: 4,556member
    kamilton said:
    For a man in Tim’s position, flying commercial is silly.  This is a practical change.  Most CEOs with access to a corporate or lease jet will demand to use it.  It speaks volumes that Tim hasn’t.  

    Musk is brilliant but he’s not shipping.  If the 3 were hitting the streets at 20000 optimum quality units a month, he’d have it made.  He’d be disrupting the entire industry.  I’d say it’s a massive fail.  By the time Tesla begins to ship in volume, the competition will be right on its heels.

    Tim has handled riding the Saturn V Post-Jobs rocket.  He hasn’t made any huge mistakes.  This batterygait thing is dumb people looking for a way to cash in.  To my mind, Apple admitted it because they genuinely felt it was a good engineering decision.  The fail was not putting an added option on the Low Power Mode screen, “Time for a new battery.  Would you prefer full performance and shorter battery life or...”

    What I perceive in the Tim era is
    • Mild erosion in the functionality of some Apple Apps. Mainly, fashion over function choices. Things like KeyChain are literally a joke.
    • Significantly falling behind in AI.  To me, Siri is still almost silly, especially compared to the competition.  I truly understand why, but the market doesn’t care about security.
    • Slow to ship - HomeKit, All Macs, HomePod, Disruptive electric/self-driving car tech, etc.
    • Absence of bold new devices.  All they’ve done is the watch.
    All of the above smell like a lack of courage and senior VP ass kicking, which is what allows process to overtake content.  2018 better be a good year.

    iOS will already tell you that your battery needs servicing. And if you look carefully at the problem Apple was trying to solve then your message would actually read:

    “Time for a new battery. Would you prefer full performance or would you prefer your phone to shut down unexpectedly at some undefined point in the future?”

    The rest of your post sounds like the opinion of someone who perhaps doesn’t understand product engineering and volume manufacturing, but it is, of course, an opinion you’re entitled to. 



    edited December 2017 iqatedoanton zuykovtmayjony0
  • Reply 20 of 65
    This shows, more than anything, how valuable Tim has become to Apple.
    He's no longer just a place holder till a "real CEO" steps in.
    Actually, Apple became the world's most valuable company under Tim, not Steve
    ... And that's not to give Tim extra credit or detract from Steve.  Tim wisely built on the foundation Steve created.

    Further, in addition to making Apple financially solid, Tim has transformed the company from strictly a a bleeding edge organization dependent on the next product to a solid, reliable go-to organization.  Yes, Apple still innovates.  But Tim added another dimension to the organization that wasn't there before...
    kamiltoneideardcornchipchristopher126jony0
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