The Chief Executive of Apple, Tim Cook, has received a 74 percent increase in his annual bonus for 2017.
On Wednesday, the California-based company said that Cook’s incentive pay totaled $9.33 million for the year ending on Sep. 30. He also took home 3.06 million in salary and a previously disclosed award of $89.2 million, which brought his total payout for the year to a whopping $102 million.
His top five lieutenants each received a bonus of $3.11, bringing the total compensation to about $24.2 million each, which includes salary and stock awards. The compensation is composed of shares that are solely based on the continued employment of executives and others tied to the performance of Apple’s stock.
Apple has increased its proportion of performance shares in its equity awards, which boosts potential future earnings for its executives.
In 2014, executives including Dan Riccio, chief of hardware engineering, and former General Counsel Bruce Sewell received performance awards that paid out three years later. They ended up performing at almost twice as many target shares as planned. In August, Cook collected 560,000 shares.
For the first time, Cook ran up a $93,109 bill for traveling on a private aircraft for non-business-related trips. The Apple board concluded that the CEO should only use private planes for business-related affairs. The personal security costs were calculated at $224,216.
Apple Executives also have the option to use private jets if required. However, if family members are brought along, they do have to pay an incremental fee.
Cook’s predecessor, Steve Jobs, had a private jet all to himself. Apple gave it to Jobs back in 2000, a few years after his return to the company in 1996, as a thank you gift for helping the company come back from flagging fortunes. Apple reimbursed Jobs for business trips on the jet.
In fiscal 2017, Apple returned 39 percent more than double that of the S&P 500. In November, the long-awaited iPhone X was released. Analysts have said they expect this release to help growth positively.