Apple CEO Tim Cook is in the news today, for receiving a 46% pay increase due to Apple sales and profits in 2017. Tim Cook will get paid about $12.8 million which is about 46% more than he received in 2017.
In addition, Cook will receive a massive bonus in the form of $89.2 million for bringing the company out of slumping performance in 2017.
In addition to profits, Cook has made a lot of progress in terms of Apple’s smartphone domination in last quarter. The company had nearly 60% of the global smartphone market.
This was partly due to a recent surge in popularity of older iPhone models. The company has decided to spend money to up the security for Tim Cook. Cook will now be using only private jets for all business and personal travels. Steve Jobs had a similar security setup. In addition, Cook was gifted a Gulfstream V airplane by Apple “in recognition of his service to the company”.
Apple did release an official statement stating the following “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.”