After Reporting Record Compensation Package, Apple CEO Switches to Private Jets

His personal air travel expenses totaled $93,109 in Apple's 2017 fiscal year, which ended in September, and is based on hourly flight charges and variable fuel charges, as well as departure and landing fees.

The world's most valuable company requires its chief executive to use private aircraft for all business and personal travel as an "additional security measure", according to the company's most recent regulatory filing.

In addition to his US$9.33 million ($13.1m) bonus, Cook receives a US$3.06m ($4.3m) salary and US$89.2m ($125.8m) in Apple stock, for a total of US$102m ($143.9m) this year alone.

While better sales is good news for Apple, which saw sales decline for the first time previous year, the company thought it also means Cook's security could be at risk.

Apple's filing disclosed Cook's pay, as well as the earnings of other top executive officers who made out even better than their boss.

Apple says it's for security and safety reasons.

Apple introduced the iPhone X late this year, its most expensive smartphone since the iPhone 6.

His top five lieutenants each got bonuses of $3.11 million, bringing their total compensation to about $24.2 million each, including salaries and stock awards. In August, Cook collected 560,000 shares when part of his 2011 mega-award vested because Apple outshined more than two-thirds of the S&P 500 over three years. In light of his high profile and the security costs, the Apple board suggested that he use private transportation in 2018.

Cook, along with other Apple board directors such as Disney CEO Bob Iger, former U.S. Vice President Al Gore, and former Northrop Grumman CEO Ron Sugar, are up for election to remain in the board another year. The shareholder meeting will be held February 13, 2018, at the Steve Jobs Theater on Apple's new campus in Cupertino, Calif.

The iPhone maker revealed Cook now has to take a private jet for all of his travel.

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