Apple Gives Tim Cook A Big Raise, Requires CEO To Fly Private

Apple shareholders are apparently satisfied with the overwhelming success of the iPhone X. Tim Cook gets a substantial pay raise and

private jet privileges.

Earlier this year, financial experts speculated that Apple needed a new product that will reignite its consumer's trust with the brand. For several years, critics continually panned the past few generations of its smartphone models.

Singing A Different Tune

According to its financial reports, the current 2017 fiscal year performance showcases a significant growth compared to their 2016 numbers. As the company continues to recover from its losses, it saw fit to reward Tim Cook with a sizable compensation increase. Based on the numbers calculated, Cook's total pay package amounts to $12,825,066.

In 2016, documents that were reportedly filed with the U.S. Securities and Exchange Commission revealed his previous take at $8,747,719.

Jet Set And Go

Cook's pay raise is obviously great news for the CEO, but Apple does not let it end there. The company throws another privilege his way as the board made changes to his travel arrangement.

The company now requires him to travel via private jet for both "business and travel," as detailed by an annotation within the documents for his new pay package.

Other Executives Also Receive Bonuses

Besides its CEO, the company also saw fit to award bonuses to Angela Ahrendts, Dan Riccio, Bruce Sewell, Johny Srouji, and Luca Maestri. Each executive officer received bonuses that valued to be more than $3 million each. The aforementioned information is included in a proxy statement shared by Apple.

Stock Value Going Up

The current CEO took the helm from Steve Jobs in 2011 and apparently impressed its shareholders. Market experts claim that Apple's stocks have gone up since Cook took over.

Additionally, their claims are supported by documentation that shows stock price increased 36.7 percent, as also indicated in the abovementioned statement.

Powering Through The Challenges

Cook was previously criticized by fans and critics for Apple's lack of innovation over the last couple of years. Some of the decisions made under his leadership were met with a good amount of pushback from longtime supporters of the brand.

Notably, the removal of some key features of the smartphone was met with mixed reactions. Overall, it led to lower-than-expected sales of the iPhone lineup.

For example, its decision to remove the 3.5mm headphone jack led to some harsh feedback from its fans. Many felt like it was a deliberate move by the company in order to market its own Bluetooth earphones, the AirPods.

Originally posted on Techtimes