Tim Cook gets a pay raise amid better iPhone profits

Whether He Likes It Or Not Apple CEO Tim Cook'Must Now Fly On Private Aircraft

Tim Cook will get paid $12.8 million which is 46% more compared to that of the a year ago. That's because Apple had fallen short of its financial goals, amid slumping iPhone sales and a downturn in the Cupertino-based company's Chinese business operations.

This year, Apple saw a major rebound across almost all of its categories.

By far the largest payout went to Apple's CEO, Tim Cook, who not only received a cushy $9.33 million performance bonus for the year, but also took home $3.06 million in salary and a previously disclosed $89.2 million equity award for serving faithfully as Apple's CEO since 2011.

In integration to covering compensation of the executive, statement of today's proxy also states that board of Apple now needs Tim Cook; Apple CEO to use private aircraft for all kinds of business and even personal travels.

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After the release of the iPhone X, the U.S. tech giant recorded a strong net profit of 19% from a year ago to $10.7 billion in the fiscal fourth quarter to September 30.

He was also awarded stock worth $89m (£66m), up 74% from past year for a total of roughly $102m (£75m) for his work in 2017 alone. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation. The report goes on to note that in 2017, the cost of Cook's private airfare came to about $93,109, while his personal security detail (bodyguards, etc.) cost the tech titan an additional $224,216. Cook also has about 2.9 million additional unvested that haven't vested, according to the filing, worth over $450 million, according to the SEC filing.

The company board instructed Cook to use only private aircraft "in the interests of security and efficiency" at the world's most valuable company, regulatory documents show. It is natural for its runner and CEO Tim Cook to be on cloud nine too.

The election is set to occur on Apple's next shareholders meeting February 13 at the Steve Jobs Theater in Apple Park.

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