As a result of the satisfactory sales and profit in 2017, Apple is increasing Tim Cook’s salary. Tim Cook will get paid $12.8 million, which is 46% more than last year’s. The last year, 2016, was not really a good year for Apple, as the sales had gone down. The fact that Cook has brought the company out from that poor performance & delivered a brilliant performance in 2017 has impressed the Board of Directors. Including the equity award of $89.2 million & excluding the compensations, Cook will receive a massive total of $102 million for the year 2017.
Among these profits successfully brought in by Apple in the last quarter of this year, almost 60% is made in the global smartphone segment. The sudden increase in the popularity of the older iPhone models did boost the sales. The gross income of Apple is $151 more than that of Samsung, who is second on the list. 6 million iPhone X were sold on the Black Friday alone.
The company has decided to spend after Cook’s security as well. From now on Cook will be using only the private jets for all business and personal travels. Late Steve Jobs had similar facilities. Apple was gifted a Gulfstream V airplane “in recognition of his service to the company”.
Apart from Cook, other top executives did receive a pay raise as well. Compared to the $3 million raise in the base salary of Cook, they received $1 million raise. They will receive around $24.2 million each.
Apple issued an official statement, saying, “Our executive compensation program is designed to reward performance in a simple and effective way. It reflects the unparalleled size, scope, and success of Apple’s business and the importance of our executive officers operating as a high-performing team while focusing on key measures of profitability and the creation of shareholder value.”