A filing with securities regulators during the week said the board determined that its CEO must use private aircraft for "all business and personal travel". The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. That's up from $8,747,719 in fiscal 2016, which saw Apple's first dip in annual revenues in more than a decade as a result of lower iPhone sales.
APPLE'S CEO Tim Cook has been forced to take up a company perk by flying in style. In its last quarter earnings, Apple saw a 2 percent increase in iPhone sales, a 12 percent growth in China, and a whopping 34 percent boost in its services sector, which include Apple Pay, Music, App Store and iCloud among others from a year prior. "Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series", Counterpoint said.
The company now has a market capitalisation of over $875bn (£650bn) making it the most valuable publicly owned company in the world.
"In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales".
Just like Cook, other Apple executives can also use the private jets when required.
Cook's "other" pay included $224,216 in security expenses and $93,109 for personal air travel. The article previously stated Tim Cook received a private plane when he actually received the use of a private aircraft.
CFO Luca Maestri, retail VP Angela Ahrendts, hardware engineering VP Dan Riccio, hardware technologies VP Johny Srouji and former counsel Bruce Sewell received bonuses of $3.11 million for a total compensation of $24.2 million each. The payout was a part of the huge welcome package that Apple gave Cook after he succeeded Steve Jobs in 2011.