Tim Cook gets a pay raise amid better iPhone profits

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Apple's chief executive Tim Cook took home $102m (£76m) past year, largely thanks to bonuses tied to the company's stock price. Tim Cook will get paid $12.8 million which is 46% more compared to that of the a year ago.

The Apple CEO now has to fly private, even for personal travel on orders of Apple's board of director. In all, Cook in 2017 made at Apple $12,825,065, which included a contribution of $16,200 to Cooks retirement account by the company. It also includes $440,374 in "other" compensation, according to a regulatory filing. Cook isn't the first Apple CEO to use a private jet for air travel.

Apple's market capitalisation rose to $868bn in November, making it the world's most valuable publicly-traded company. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit.

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"I couldn't be more excited about Apple's future", said Cook, during a call with analysts to discuss the company's quarterly earnings in November. Retail chief of Apple, Angela Ahrendts, was among the one who was the highest paid executive, bagging in $24,216,072.

Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell.

It's been a good year for Apple and its CEO Tim Cook.

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The policy was implemented in 2017 "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO". In 2017, it was nearly identical, at $224,216, but included the addition of personal air travel expenses in the amount of $93,109.

The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

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.

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