The tech giant’s CEO had a compensation package totaling $12.8 million for 2017, an increase of 47% over last year, according to Apple’s annual proxy filing Wednesday with the SEC. The biggest component was a cash bonus of $9.3 million (up 74% from his 2016 bonus) under Apple’s incentive plan tied to revenue and profit performance.
“In 2017, Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer’s annual cash incentive at 155.5% of target,” the tech giant said in the filing.
For the company’s 2017 fiscal year ended Sept. 30, Apple reported sales of $229.2 billion (up 6.3% from the year prior) and net income of $48.4 billion (up 5.8%).
Cook’s annual base salary for 2017 was unchanged at $3 million and the annual salary for each of Apple’s other executive officers also remained the same, at $1 million. Because 2017 was a 53-week fiscal year, the year’s salary amounts reflected an extra week of pay; for Cook, that meant an additional $57,692.
Apple’s other top execs made out even better than their boss, each of whom was awarded $20 million in stock. Cook’s compensation was nearly half that of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio, and general counsel Bruce Sewell. Apple SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji took home about $24.2 million for 2017.
The company noted that Cook has not received an equity award since 2011. Cook, 57, was named CEO in August 2011 after previously serving as COO.
Cook’s 2017 pay package included $440,000 in “other compensation.” That included security expenses in the amount of $224,216, a vacation cash-out in the amount of $103,846, and personal air travel expenses of $93,109 representing “the incremental cost to Apple for Mr. Cook’s personal use of private aircraft based on hourly flight charges and other variable costs incurred by Apple for such use.” Apple requires its CEO to use corporate jets for security reasons.
In the filing, the board also submitted the slate of eight nominees for reelection: Cook, Disney CEO Bob Iger, Al Gore, James Bell, Andrea Jung, Art Levinson, Ron Sugar, and Sue Wagner. Per Apple’s bylaws, each director elected at the annual meeting will serve a one-year term. The shareholder meeting will be held Feb. 13, 2018, at the Steve Jobs Theater on Apple’s new campus in Cupertino, Calif.