Apple reported in its Annual proxy statement that Chief Executive Tim Cook spent nearly $767,319 on private jet travel and $600,000 on security. Apple is expected to cut Cook’s compensation target for this year by 40 percent, citing the need to balance Cook’s incentives with the company’s future growth, foreign media said.

According to technology news site 9to5mac, Cook received $99.4 million in compensation last year, including a base salary of $3 million, about $83 million in stock awards and $13.4 million in other awards.

However, Apple is expected to adjust Cook’s pay this year, keeping his base salary at $3 million and his annual cash bonus at the same $6 million, according to the Financial Times. But in terms of stock awards, the numbers were slightly different from 9to5mac’s report. Apple said it would cut its total compensation by 40 percent to $40 million from $75 million last year.

In Cook’s 2023 compensation package, performance-related stock units made up 75 percent of his total equity award, up from 50 percent the previous year, as some shareholders wanted Cook’s incentives to be more closely tied to the company’s future growth, the report said.

freestar

Apple responded that the measure was to strike a balance between shareholder feedback, Apple’s outstanding performance and Cook’s support. Taking into account the size and performance of the company, it is expected to adjust Cook’s future annual target compensation to 80 to 90 percent of major peers, which the compensation committee believes is in response to shareholder feedback.

Another source said Cook’s private jet cost him nearly $767,319 and his insurance cost up to $600,000.

Apple’s board of directors implemented a new policy in 2017 to ensure Cook’s safety and efficiency by using private aircraft for all flights. As for the cost of security, it is believed that Cook raised the cost because his home was broken into after a woman sent him a threatening letter last year.