Apple Inc’s chief executive Tim Cook has just received a record compensation package of $102 million this fiscal year. This news was followed by a report that stated that starting now, he will be using private jets for business and personal travel over security concerns.
- According to Bloomberg, Cook’s base salary is $3.06 million per year.
- But there are also bonuses ($9.33 million) and company shares ($89.2 million) that pushed that sum to $102 million this year.
Apple confirmed the data in a statement published Wednesday ahead of the annual gathering of its shareholders, which is slated for February 13.
According to the statement, other Apple executives received generous bonuses as well. Execs like Angela Ahrendts, Dan Riccio, and Johny Srouji added to their base salary $3 million in bonuses each, which made their total compensations grow to $24 million each. Ahrendts, the company’s retail chief, is currently the top earner in her league with $24,216,072.
Cook’s Record Compensation Package Comes at a Price
The statement also revealed that Cook would be required to use private flights for business and personal travel. The company cites “security and efficiency” for the board’s decision. The new policy was implemented this year.
Cook’s travel for personal purposes usually stands at $93,000 per year. This year, Apple shelled out an extra $244,216 for his security.
Apple also has laid out some plans to be discussed at the upcoming shareholder meeting.Some of the shareholders’ proposals include a Human Rights Committee and new rules for board member reelection. The board ‘will reportedly recommend other shareholders to oppose the Human Rights Committee proposal.
Shareholders who want to take part in the meeting are required to register at Proxyvote.com starting Jan. 22. Since space is limited, applications will be accepted by chronological order.
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