Why Apple's Board Is Requiring CEO Tim Cook to Only Fly Private

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Cook also benefited from a generous share award, banking $89.2 million United States dollars worth of Apple stock as part of a compensation package agreed when he was appointed chief executive in 2011. Apple's other top executives also saw raises, each to the tune of roughly $1.3 million.

The report added that Cook's five lieutenants received bonuses of $3.11 million each, bringing their total compensation to about $24.2 million each, including salaries and stock awards.

In its most recent quarterly earnings, Apple said iPhone sales rose 2 percent, its China business grew 12 percent, and its services sector - including Apple Pay, Music, App Store and iCloud - soared 34 percent higher than the same period a year earlier.

Since Cook took over from Steve Jobs in 2011, the company's share price has risen more than 200 per cent and has accumulated a war chest of over $US250 billion ($A320 billion) in cash, The New York Post also reports.

While Apple's revenue climbed in 2017 and is projected to continue in the green following the release of iPhone 8 and iPhone X, the company has been hit with a class action lawsuit after it admitted to slowing down iPhones as they age.

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The Board's decision to set Cook up with his own jet stemmed primarily from security concerns over the Chief Executive's safety. "Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series", Counterpoint said.

Cook and other Apple board directors, such as Disney CEO Bob Iger, former U.S. Vice President Al Gore and former Northrop Grumman CEO Ron Sugar, are up for election to remain on the board another year.

Cook's personal travel cost came to $93,109 in fiscal 2017, according to the filing.

That left Cook with a 74% increase in his annual bonus. That brings Cook's total compensation for 2017 to a whopping $102 million. In 2017, it was nearly identical, at $224,216, but included the addition of personal air travel expenses in the amount of $93,109.