Apple's CEO Must Fly Private Aircrafts For Security Reasons

An Apple iPhone 7

Tim Cook received a total of $12.8 million, an increase of 46 percent from past year when earnings fell, according to a regulatory filing on Wednesday. The board of directors said in a statement that the decision, which took effect this year, was "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".

The Apple CEO also received use of a private aircraft, which Cook was required to use for all business and personal travel. But even as the leader of the world's most profitable company, Cook has held out until this year, as last year's proxy filing doesn't mention any private flights, just the occasional chartered plane. 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 is heavily dependent on the success of iPhones, which account for more than two-thirds of its total revenue. He has been told by the company to do so following security concerns. Apple's shares have increased by more than 200% since Cook became chief executive in August 2011, shortly before founder and previous chief executive Steve Jobs died. That brings Cook's total compensation for 2017 to a whopping $102 million. 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.

Camera IconApple Chief Executive Tim Cook posed for a selfie with customers during the debut of the iPhone X at an Apple Store.

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 ended up spending around $93,109 on personal air travel this year.

Other executives at Apple are allowed to use private jets if required, but if a spouse of other member of the family accompanies them, Apple said the executives must pay toward those incremental costs brought on by the additional family member.

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