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
Luke Dormehl is a U.K.-based journalist and author, with a background working in documentary film for Channel 4 and the BBC. He is the author of The Apple Revolution and The Formula: How Algorithms Solve All Our Problems … and Create More, both published by Penguin/Random House. His tech writing has also appeared in Wired, Fast Company, Techmeme and other publications.
15 responses to “Apple spends $700,000 per year keeping Tim Cook safe”
$58,000 a month to assure the CEO of the most valuable company in the world is safe is a bargain.
If I had to guess it probably includes salaries, travel, benefits and other materials necessary to his protection.
I would love to ask the self admitted liberal Mr. Cook, if any of his security staff conceal carry.
You don’t have to hate somebody just because they don’t share your perverse attraction to murder weapons.
Where exactly in my comment do I say I hate him?
What I hate is the absurdity some people spew out regarding the perverseness of what they deem to be “murder weapons”, meaning mainly handguns. A gun is just another tool in the hands of a human being. Never has a gun of any type loaded itself, walked into a high occupancy gathering venue and committed mass murder. Never, and there never will be an instance of such an event happening from now throughout the span of eternity.
It’s the morally depraved heart of humans beings that is to blame for such things, not the tools that may be in their hands. Take away guns from the depraved humans running around in America and I can assure you that knives, tire irons, hammers, screwdrivers, baseball bats, varieties of garden tools, sledge hammers, homemade explosives and even their own hands will fill the void that the removal of guns creates.
When you witness the aftermath of a murder due to beating of which I have witnessed more than my share of, you’ll then get a grip on just how depraved some in society are. Have you ever heard the mother of a victim sobbing words such as, “Why didn’t he just shoot him. What could he (victim) have done to deserve such cruelty.”
Unless you missed it….It ain’t the tool my friend, it’s your fellow man’s heart!
Very few deny that it is the human whom is responsible. We are a sick bunch, and that will always be the case (though, through proper mental health care, I feel that this can be reduced).
But do we also agree that a gun makes that depraved action (especially in mass killings), much easier? In murder cases where the perpetrator has a specific, single target, I agree… not having a gun as the tool will not necessarly stop that murder.
It sounds like you have witnessed some dark things, and I feel for you on that, and respect your perspective.
Peace.
It’s also the only “tool” with a singular purpose: to kill or induce a great deal of damage. It’s also the only weapon that can be used in close or long range. A knife, pencil or even a stiletto heel can be deadly in the wrong hands but their effectiveness is greatly diminished from several feet away.
There’s no easy answer to the gun issue in America but it is an issue. I think we could start by not allowing gun owners to buy unlimited ammo for semi-automatic weapons. Buy all the guns you want but you shouldn’t be able to walk into gun shop or Walmart and stock up on a thousand rounds for an uzi.
Ever notice that you can’t buy more than two boxes of Sudafed and that you have to provide your driver’s license? The same should apply to bullets for weapons that can fire a couple hundred rounds per minute.
And if he were to reply, “Yes” would you judge him for it? Because that would mean you are upset he doesn’t fire his staff for their personal decisions (which is good, I think) or even supports 2nd Amendment rights to an extent (most liberals do) but as a public figure of Apple, doesn’t throughly discuss his personal politics.
It isn’t my place to judge him; however if he answered yes it would put him in the same class as other liberal elites who feel they and their families are entitled to privileges of protection that ordinary men with out their wealth should be afforded according the 2nd amendment.
Well, they are security professionals paid to carry guns to protect a billionaire CEO.
I can’t speak for Mr. Cook but if he’s anything like most Americans he’s liberal on some things and conservative on others. No question he’s incredibly conservative fiscally.
Most liberals I know fully support highly trained security staff carrying (concealed or not). We also expect their weapons to be fully registered, and for them to have undergone extensive background and mental health checks (though, I’m sure this isn’t always the case). Let’s face it, Tim’s is a legitimate target… it’s not that he’s “entitled” to more protection, it’s that he needs it.
I would like to guns, particularly hand guns, treated like automobiles. One needs to have a license to buy one. Obtaining the license means passing a written test and a performance exam. The license needs to be renewed every four years accompanied by a written exam to ensure familiarity with new laws.
As with an automobile, the owner of the gun is responsible for its use (you loan your car to a friend, he gets in an accident with it, the owner of the other car sues you as you are liable for the damage your car caused even though you aren’t driving. You can recover from your friend, but you pay the victims).
The owner needs to maintain valid liability insurance for each gun he owns, with discounts for taking gun ownership classes, using safety devices above legal minimums, and living in non-urban areas (as with automobiles). The gun needs to registered and a registration fee paid annually. The sale and transfer of a gun must be registered with the state, just like with a car.
We have a well-developed system for managing cars, which are very dangerous (a little over 32,000 Americans are killed annually in automobile accidents, just about the same number are killed by guns), as are guns. These seem like sensible, basic rules to handle a useful, but dangerous device.
Nobody is asking you to take away guns from security guards, police or the military, just regular morons. Especially redneck morons like you who cant even count to 3.
This is far cheaper than the jet the Apple board gave Jobs to commute from his job at Pixar in Emeryville to his temp job as Apple CEO in Cupertino. I love the idea of someone driving Jobs to the Oakland airport where he boards this private jet that takes off and lands at the San Jose airport for a short drive to Cupertino.
Frankly, $700,000 for executive security is money well spent and likely gets them a cut on his life insurance premium. One can see someone like Larry Page or Jeff Bezos ordering a hit (sarcasm). Seriously, with all the nuts with guns running around, this is a prudent move. I hope Cook avoids movie theaters.
Tim’s bicep is bigger than Dre’s