Apple's CEO Must Fly Private Aircrafts For Security Reasons

Apple's CEO Must Fly Private Aircrafts For Security Reasons

Apple's CEO Must Fly Private Aircrafts For Security Reasons

CEO Tim Cook will no longer be flying on commercial aircraft.

Cook must use an Apple private jet whenever he travels, whether it is for work or pleasure.

During 2017 Tim Cook's personal security costs were calculated at nearly half a million dollars, ($224,216.00), alongside a $93,109 bill for traveling on private jets for non-business trips.

His pay jumped 47% to $12.8M, up from $8.7M in 2016.

Yet Cook's previous stock awards vested in 2017 were worth an additional $89 million for the CEO, according to the filing with the Securities and Exchange Commission.

Other executives at Apple are allowed to use private jets if required, but if a spouse of other member of the family accompanies them, Apple said the executives must pay toward those incremental costs brought on by the additional family member. The company throws another privilege his way as the board made changes to his travel arrangement.

Besides its CEO, the company also saw fit to award bonuses to Angela Ahrendts, Dan Riccio, Bruce Sewell, Johny Srouji, and Luca Maestri.

The other five executives each earned more than $24 million. The aforementioned information is included in a proxy statement shared by Apple. The late Steve Jobs was gifted a Gulfstream V airplane by the Cupertino-based company which he co-founded "in recognition of his service to the company" more than a decade ago. That success led, in large part, to a 36.7 per cent increase in Apple stock prices year-over-year.

Apple will slash its sales forecast for its flagship phone in the current quarter to 30 million units, down from what it said was an initial plan of 50 million units, Taiwan's Economic Daily reported, citing unidentified sources.

Notably, the removal of some key features of the smartphone was met with mixed reactions.

But it appears that the iPhone X has hit a wall as company shares took a tumble and sales expectations were down. Many felt like it was a deliberate move by the company in order to market its own Bluetooth earphones, the AirPods.

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