Tim Cook might be a guy who can take care of himself, judging from the impressive amount of time he spends in the gym each day, but Apple’s not taking any chances: The company shells out close to $700,000 each year on security for its CEO.
And who can blame them?
The whopping line item is found in the company’s Schedule 14A form recently filed with the U.S. Securities and Exchange Commission. The report notes: “This amount represents: (i) the Company’s contributions to Mr. Cook’s account under its 401(k) plan in the amount of $15,600; (ii) Company-paid term life insurance premiums in the amount of $2,520; (iii) vacation cash-out in the amount of $56,923; and (iv) security expenses in the amount of $699,133.”
Although that sounds like a lot of money, it’s actually not excessive by Silicon Valley CEO standards. As per last year’s Benefits and Perquisites Report by Equilar, which tracks executive compensation, Amazon spent $1.6 million on security arrangements for Jeff Bezos in 2014 and Oracle spent $1.5 million on security for Larry Ellison — with much of that going toward security costs at his home.
I don’t doubt that Cook leads a pretty nice life by most standards, but he’s also not exactly known for splashing the cash when it comes to himself.
Given the amount of money he makes for Apple each year, an extra $700,000 to keep him safe is the least the board of directors can do.
Via: Patently Apple
