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Apple CEO Tim Cook Earned A 9-Figure Salary In 2017

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Apple CEO Tim Cook Earned A 9-Figure Salary In 2017 Promo Image

Apple CEO Tim Cook earned a nine-digit income in 2017, thanks in large part to earnings tied to the tech giant's stock performance.

Cook's 2017 stock earnings, which totaled $102 million, dwarfed his basic salary of $3.06 million due to various incentives and benchmarks based on Apple's anticipated year-end results, according to The Guardian.

In addition to a cash bonus of $9.3 million (which totaled $5.4 million in 2016), Cook accepted share awards worth a whopping $89 million, according to a regulatory filing released by Apple.

Cook received a 560,000-share stock bonus, paid out in September, half of which was related to shareholder returns over the past three years.

Cook received the other half of the stock bonus merely for staying in his job, according to The Guardian.

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Cook assumed the role of Apple chief executive after the death of company co-founder Steve Jobs in 2011, receiving a stock package worth $376 million at the time. The stock has appreciated six-fold since then; according to MarketWatch, Apple stock jumped by about 47 percent over the course of 2017 alone.

Provided he stays on in his current role, Cook is owed 560,000 shares of Apple stock every year through 2020.

A final stock payment of 1.26 million shares will be given to Cook in August 2021 under the terms of the contract he signed when accepting the chief executive role.

Another perk afforded Cook as stipulated in his contract includes the requirement that he travel by private aircraft "for all business and personal travel" for security reasons, according to The Guardian.

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Records show that expenses related to Cook's personal security detail totaled $224,000, while the use of a private jet for holiday travel came with a $93,000 price tag.

Finally, documents obtained by The Guardian employ the rationale that "because 2017 was a 53-week fiscal year, the 2017 salary amounts reflect an extra week of pay."

A review of a 2016 calendar reveals that the only reason for the "extra week" is because Dec. 31 falls on a Sunday.

An extra week's pay for Cook amounts to slightly more than the median U.S. annual household income of $56,516.

Since Cook has been at the helm of Apple, the company's share price has increased more than 200 percent.

Shares hit a high of $176.40 on Dec. 18, but dropped slightly following less-than-stellar demand for the new iPhone X, which retails for $999.

Sources: The Guardian, MarketWatch / Featured Image: iphonedigital/Flickr / Embedded Images: Karlis Dambrans/Wikimedia Commons / thetaxhaven/Flickr

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