Apple’s board rewarded CEO Tim Cook with a large improve in compensation for the corporate’s fiscal yr 2017, which noticed the corporate return to development after a tough 2016.
Cook’s complete pay bundle was valued at $12,825,066 for the 12 months ending September 30, 2017, based on the corporate’s annual proxy assertion that was filed right now with the U.S. Securities and Exchange Commission. That’s up from $8,747,719 in fiscal 2016, which noticed Apple’s first dip in annual revenues in additional than a decade on account of decrease iPhone gross sales.
The firm rebounded within the newest fiscal yr because it offered 216.7 million iPhones, up from 211.88 million in 2016, although nonetheless beneath the height of 231.22 million iPhones offered in 2015.
Likewise, Apple reported annual revenues of $229.23 billion in fiscal 2017, up from $215.64 billion in 2016, however lower than the $233.72 billion in 2015.
Still, the end result was that Apple met or beat many of the monetary targets for executives set by the board. For Cook, that meant that his annual money “incentive plan” reward elevated to $9,327,000 in fiscal 2017, up from $5,370,000 in 2016.
A footnote to Cook’s compensation additionally acknowledged the next:
As a further safety measure for Mr. Cook, the Board additionally requires that he use non-public plane for all enterprise and private journey. This coverage was carried out in 2017 within the pursuits of safety and effectivity primarily based on our world profile and the extremely seen nature of Mr. Cook’s position as CEO. Mr. Cook acknowledges imputed taxable revenue and isn’t offered a tax reimbursement for private use of personal plane.
The submitting didn’t supply extra causes for the brand new air journey coverage.
As a end result, the worth of Cook’s compensation additionally included “safety bills within the quantity of $224,216” and “private air journey bills within the quantity of $93,109.”
Fiscal 2017 was additionally one for shareholders, as Apple’s inventory rose 36.7 p.c over the 12 months.
This article sources data from VentureBeat