Why Apple's Board Is Requiring CEO Tim Cook to Only Fly Private

Why Apple's Board Is Requiring CEO Tim Cook to Only Fly Private

In addition to covering executive compensation, the proxy statement also says that Apple's board now requires Apple CEO Tim Cook use private aircraft "for all business and personal travel".

Further, the proxy statement says that Cook will have to pay taxes anytime he uses an Apple private jet for personal travel as the cost will come under extra compensation.

Cook, along with other Apple board directors such as Disney CEO Bob Iger, former U.S. Vice President Al Gore, and former Northrop Grumman CEO Ron Sugar, are up for election to remain in the board another year. Iger's personal air travel expenses totaled $282,831 in fiscal 2016, while the Facebook chief executive racked up about $871,390 in costs related to personal usage of private planes previous year. Tim Cook will get paid $12.8 million which is 46% more compared to that of the a year ago. It could have made even more this quarter given it coincides with the launch of Apple's anniversary phone, coupled with increased sales this holiday season - analysts said six million iPhone Xs were sold over Black Friday.

It won't be the first time an Apple CEO has flown private. He also took home $3.06 million in salary and a previously disclosed equity award of $89.2 million, bringing his total payout for the year to about $102 million.

Cook's predecessor, the founder of Apple Steve Jobs had his own private jet that was gifted to him during 2000 by Apple.

Apple's stock surged 37 per cent in fiscal 2017, more than doubling the increase in the S&P 500. With that said, Apple does make $151 more than Samsung, the next top performer, for every unit sold. Year-on-year sales growth was witnessed in all product categories in the fiscal fourth-quarter ended September 30, while revenue surged 12% to $52.6 billion.

Since then, demand for Apple's newer iPhone models has been strong, and the company has gotten continued traction from its services division, which includes Apple Pay, AppleCare and digital content.

Related news:

Hot News

isis-killer-beheading-video-story-top When will Doug Jones be sworn in to the US Senate?
Dec 29, 2017 - 01:54
As he launched his campaign, he said he saw an opening for a rare Democratic win against Moore, a polarizing figure in the state. The Republican faced multiple sexual misconduct allegations in the month before the election.

isis-killer-beheading-video-story-top Softbank reaches deal to get big discount on Uber shares
Dec 29, 2017 - 01:51
The Wall Street Journal reported that Fair will offer jobs to about 150 of the 500 or so employees at Xchange Leasing. The tender offer values Uber at $48bn (£36bn), nearly a third lower than its most recent valuation of $69bn.

isis-killer-beheading-video-story-top Days of bitter cold ahead for Midwest, Northeast
Dec 28, 2017 - 01:21
The National Weather Service office in Cleveland says at least an additional 5 to 10 inches are expected through Wednesday. Another 24.5 inches fell by Tuesday night, bringing the total since 23 December to more than 63 inches.

isis-killer-beheading-video-story-top WhatsApp to stop working on some smartphones on New Year's Eve
Dec 28, 2017 - 01:20
A year ago in December, WhatsApp extended its support for the BlackBerry operating system as well as the Nokia S40 . What this means is that WhatsApp will no longer actively develop its app for the aforementioned operating systems.

isis-killer-beheading-video-story-top Western Wall Train Station Will Be Named After Trump
Dec 28, 2017 - 01:17
The stop would be constructed right in the middle of the area that the Palestinians want as their own future capital. The entire project, including a 2-mile extension of the high-speed rail line, will cost approximately $715 million.

isis-killer-beheading-video-story-top Khloé Kardashian Slams Haters Criticizing Her For Working Out While Pregnant!
Dec 28, 2017 - 01:11
Khloe Kardashian has no time for unsolicited advice from trolls on Twitter . She added, "Don't make me stop sharing shit". But Kardashian was just getting started.

isis-killer-beheading-video-story-top Marijuana: Pregnant Women Are Using More Cannabis, Says New Study
Dec 28, 2017 - 01:09
Researchers looked at trends of prenatal cannabis use from 2009-2016 using data from a large California health-care system. For women in the 18 to 24 age bracket, marijuana usage spiked from 12.5 percent to 21.8 percent in that same period.

isis-killer-beheading-video-story-top Chiefs Will Start QB Patrick Mahomes On Sunday
Dec 28, 2017 - 01:07
So, it makes sense for starting quarterback Alex Smith and numerous other regulars to get a week off before the playoffs. With that in mind, Reid chose to give the rookie his first start.

isis-killer-beheading-video-story-top Drawing After Controversial Virginia Race Delayed
Dec 27, 2017 - 04:11
Hours later, state Board of Elections member Clara Belle Wheeler said the panel had canceled plans for the 11 a.m. drawing. An image filed in court showed that the ballot had bubbles filled in beside both names, with a crossmark by Simonds.

White Nationalist Memorial In Minneapolis Gets Removed
Dec 27, 2017 - 04:09
Police Department spokesman John Elder said an officer cleaned up the memorial after the department was notified about it. The tribute included candles, flowers, framed photos and cards that read, "United We Stand".

Shootings in Troy Leave One Dead and Four Wounded
Dec 27, 2017 - 04:07
Police are investigating after multiple people were found dead in Troy. "Things are unfolding right now", State Police Lt. He said Foster "drove himself to the station and surrendered after the shooting, also surrendering the weapon".

isis-killer-beheading-video-story-top Jurgen Klopp says 5-0 Swansea result 'perfect' for Liverpool
Dec 27, 2017 - 04:01
After half time the first chance fell the way of the Egyptian, but his left-footed curler was placed too soft and too central. Most recently, they collapsed to let a 2-0 lead slip in a crucial game against Arsenal , ending up with a 3-3 draw instead.

isis-killer-beheading-video-story-top The triple talaq Bill is hasty, cruel
Dec 26, 2017 - 10:51
Perhaps this is the ulterior motive behind the Bill, and not, as the government claims, "gender justice and gender equality of married Muslim women".

isis-killer-beheading-video-story-top N Korea slams new United Nations sanctions as an 'act of war'
Dec 26, 2017 - 10:43
The North Korean foreign ministry said its nuclear weapons were a self-defensive deterrence not in contradiction of global law. While Russia voted for the resolution, its ambassador complained about the US focus on sanctions rather than talks.

isis-killer-beheading-video-story-top Thomas fire becomes the largest in California's history
Dec 26, 2017 - 10:29
The Thomas Fire surpassed the size of the Cedar Fire near San Diego, which destroyed 273,246 acres in 2003. Temperatures are expected to reach the low- to mid-70s next week in Santa Barbara.