The tech innovation giant Apple’s CEO Tim Cook will now fly on private aircraft even for personal travel for “security and safety reasons.”
According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal purpose, Business Insider reported on Thursday.
According to Apple’s shareholder proxy statement filed late on Wednesday, “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”.
Cook earned $12.8 million for 2017 — 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.
Cook’s personal travel cost was $93,109 in 2017, which is part of his compensation package.
“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 company has also hired “personal security services” for Cook.
According to the latest report from Counterpoint, Apple continues to command lion share of mobile handset industry profits capturing almost 60 percent share globally. “However, this is down from 86 percent share in the same quarter last year when Samsung had to gulp up a loss due to the Galaxy Note 7 debacle,” said Research Director Neil Shah.
just for a note, Apple’s profit share declined by 30 percent (YoY) mainly due to the increased mix of previous generation iPhones.
“In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales. Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series,” Counterpoint said.