Apple CEO Tim Cook now required to fly private

The hit tech company Apple is now requiring the head CEO Tim Cook to fly a private plan for all buisness and personal travel to keep him and Apple’s profile secure, according recent reports and regulatory fillings published on wednesday.

It is actually common for major company CEO’s to fly a private jet, meaning it’s almost expected for Cook to be added to the list. In fact, CEO’s such as Jeff Immelt and Mark Zuckerberg are actually known to fly private as well. Apple writes in the filling with the SEC ( Securities Exchance Commission):

It’s to be said that the requirement of Tim Cook to fly private will be better for both Apple Inc. and Tim Cook Himself. Apple’s TAB (the sum of all budgets allocated to a contract for authorized work but doesn’t include profit or fee) for Mr. Cook’s private trips added up to $93,109 in 2017, as all travel costs are added to Mr. Cook’s taxable income for that year.

His total remuneration for 2017 was $12.8 million, which is almost double what it was in 2016 according to the filling. There is such a significant difference because Cook’s pay for that year was cut 15% do to missing achievements, like shriking sale rates and the first annual sale decline in over a decade, this obviously added to that lost 50% of remuneration.

Oddly enough, Tim Cook’s remuneration was actually lower than any member of the executive who makes $24 million a year. But, Cook owns shares with a value over 46 times his base salery, and payment has been increasing to to Apple’s recent success

Sources: CNN, CNBC

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