Citing security, Apple's board mandates CEO Tim Cook use private jet for all business & pe...
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.
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.
Comments
Apple should buy Tesla and make Elon CEO.
Make Woz VP of Engineering.
(An over the hill basketball center coming off a suspension for steroids VS the leader of the most valuable company in the world)
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.
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.
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
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.
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...