Apple CEO receives massive payrise

  • 29/12/2017
Tim Cook.
Tim Cook. Photo credit: Getty

Tim Cook took home a much sweeter pay packet thanks to Apple exceeding its financial targets for 2017.

The tech giant's CEO had a compensation package totalling US$12.8 million (NZ$18m) for 2017, an increase of 47 percent over last year, according to Apple's annual proxy filing Wednesday with the US Securities and Exchange Commission.

The biggest component was a cash bonus of $9.3 million  under Apple's incentive plan tied to revenue and profit performance which is up 74 percent from his 2016 bonus.

"In 2017, Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer's annual cash incentive at 155.5 percent of target," the tech giant said in the filing.

Mr Cook's annual base salary for 2017 was unchanged at $3 million and the annual salary for each of Apple's other executive officers also remained the same, at $1 million.

Apple's other top execs made out even better than their boss, each of whom was awarded $20 million in stock.

Mr Cook's 2017 pay package included $440,000 in "other compensation."

That included security expenses in the amount of $224,216, a holiday cash-out in the amount of $103,846, and personal air travel expenses of $93,109 representing "the incremental cost to Apple for Mr Cook's personal use of private aircraft based on hourly flight charges and other variable costs incurred by Apple for such use."

Apple requires its CEO to use corporate jets for security reasons.