Tim Cook will take home $102 million this year | Cult of Mac

Tim Cook will take home $102 million this year


Tim Cook
Tim Cook has good reason to be cheerful right now.
Photo: Apple

Apple has had a great year, and CEO Tim Cook is being rewarded accordingly. According to a new report, Cook will take home a massive $102 million this year, composed of his $3.06 million salary, $9.33 million incentive payment, and an equity award of $89.2 million.

For security reasons, the Apple board now stipulates that Cook use private planes for all business and personal travel. His personal security costs in 2017 were calculated at $224,216, while he ran up a $93,109 bill for traveling on private planes for non-business trips.

Apple’s latest filing reveals that Cook’s top five lieutenants — including Luca Maestri, Angela Ahrendts, Johny Srouji, Dan Riccio, and Bruce Sewell — each received bonuses of $3.11 million. Including salary and stock options, this meant they earned around $24.2 million each, depending on if they stay at Apple long enough for all of their awarded stock options to vest.

Apple does not reveal how much it paid to Chief Design Officer Jony Ive, who recently returned to his job running Apple’s design team after two years working on the Apple Park headquarters project.

By any stretch of the imagination, 2017 was a great year for Apple. Back in November, it passed a valuation of $900 billion, becoming the first company in history to do so. This followed its valuation of $800 billion in May — again, making it the first company in history to achieve this — and its record breaking valuation of $700 billion company two years before that.

Tim Cook has previously said that he will donate his fortune (which currently stands at close to $1 billion) to charity — after paying for his 12-year-old nephew’s college education.

Source: Bloomberg


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