Tim Cook gets a 46 percent pay raise in 2017

Tim Cook gets a 46 percent pay raise in 2017

Tim Cook gets a 46 percent pay raise in 2017

In a new proxy statement on Thursday, Apple said, "This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".

Cook was paid $3.06 million (roughly Rs. 19.6 crores) in salary, as well as what the report notes as a previously disclosed equity award of $89.2 million (roughly Rs. 572 crores), which brings his total annual payout to $102 million (roughly Rs. 654 crores). Cook isn't the first Apple CEO to use a private jet for air travel. 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.

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The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year. The late Steve Jobs was gifted a Gulfstream V airplane by the Cupertino-based company which he co-founded "in recognition of his service to the company" more than a decade ago.

After the release of the iPhone X, the United States 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.

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That puts Cook in good company. In 2016, Cook actually saw his salary dip $1.5 million from the year before due to Apple falling short of its financial goals thanks to slumping iPhone sales and a downturn in Apple's business operations in China. For Cook, that meant that his annual cash "incentive plan" reward increased to $9,327,000 in fiscal 2017, up from $5,370,000 in 2016.

The personal travel cost for Cook was $93,109 in 2017, which is part of his compensation package.

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Just like Cook, other Apple executives can also use the private jets when required. The personal travel costs are added to Cook's overall taxable income for the year. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year.

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