Apple Reverses CEO's Pay Cut

Tim Cook gets massive bonus for exceeding sales targets
By Rob Quinn,  Newser Staff
Posted Dec 28, 2017 3:11 AM CST
Apple's CEO Tim Cook attends the opening ceremony of the Fourth World Internet Conference in Wuzhen town in Tongxiang, East China's Zhejiang province, Sunday Dec. 03, 2017.   (Chinatopix Via AP)
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(Newser) – The pay cut that CEO Tim Cook and other Apple execs received after a rare slump in sales last year has been reversed—and then some. According to a Wednesday filing with the Securities and Exchange Commission, a cash bonus for exceeding the board's sales and profit targets boosted Cook's total compensation for 2017 to $12.8 million, marking a 47% year-on-year rise, the Wall Street Journal reports. That includes his salary of $3 million, bonuses of around $9.3 million, and other forms of compensation. A previously disclosed equity award of $89.2 million makes Cook's total for the year more than $100 million.

The securities filing also disclosed that the board "requires that Mr. Cook use private aircraft for all business and personal travel" for security reasons, Deadline reports. The filing listed around $93,000 in private aircraft expenses for Cook, as well as $224,000 for security services to protect him. Five other top Apple execs received bonuses of more than $3 million, according to the filing, though it does not disclose what the company paid Chief Design Officer Jony Ive, who is "considered by some to be its most important employee," Bloomberg notes. (Read more Apple stories.)

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