14 DAY TRIAL // It’s not a secret that Apple is a money-making machine, and since the company is expected to finally reach the $1 trillion market value milestone next year, its leading executives are also getting hefty bonuses as well.
Living proof is none other than CEO Tim Cook, who according to a recent proxy statement filed with the United States Securities and Exchange Commission ahead of the February 13 shareholders meeting, received a total compensation package of $102 million for fiscal year 2017.
Cook has a salary of $3.06 million, but he also received $9.33 million in bonuses, in addition to the $89.2 million that he owns in Apple stock.
The $1 trillion market value threshold
This makes him what the Apple policy calls a “highly visible” person, so from now own, Cook needs to use a private aircraft for all business and personal travel needs, according to a report from Bloomberg. In other words, Cook has no other option than to use a private plane every time he travels on a long distance, according to this new policy that Apple adopted this year.
In 2017 alone, the Cupertino-based company spent more than $93,100 on Tim Cook’s personal travel needs, as well as nearly $225,000 on personal security for the CEO.
Tim Cook isn’t the only high-profile Apple executive that’s making a fortune this year. The cited source says Angela Ahrendts, Luca Maestri, Johny Srouji, Dan Riccio, and Bruce Sewell have all made more than $24 million each this year.
Apple is expected to reach $1 trillion market value next year particularly thanks to the iPhone lineup, with the anniversary iPhone X expected to generate a significant growth in the first quarters of 2018.
The company is also said to be looking into refreshing the entire iPhone lineup with two new models for the next generation, including a more affordable version, as well as a Plus-sized version of the iPhone X.