Apple CEO Tim Cook makes $102 million in 2017, now flies privately for security

Reuters/Lucy Nicholson
Featured in the image is Apple CEO Tim Cook

With Apple's massive success in 2017, its top brass will now have to be extra careful when going to and fro from one place to another.

According to a report from Gadget360, to take a day off in any part of the world. Noting "security and safety reasons," the directive, which was revealed through a regulatory filing with the SEC, was approved by Apple's board of directors.

"This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Cook's role as CEO," said the company Apple in the shareholder proxy statement that was filed on Wednesday. "Any time Cook uses an Apple private jet for personal travel, the costs are considered extra compensation, on which he will have to pay taxes," the statement explained.

Moreover, Deadline noted that Apple spent $224,216 for its security services this year to ensure the safety of Cook. The Apple CEO, for his part, earned $3.06 million in salaries plus another $9.33 million in bonuses, Bloomberg reported. His earnings come on top of a stock that is worth $89.2 million, for a grand total of $102 million in compensation for the fiscal year of 2017, the report added.

Apple has been very busy in their different areas of business this year. Apart from launching its new flagship smartphone, the iPhone X, which has made a lot of money despite some drawbacks on its performance, the company has also acquired Shazam, a leading music and image recognition service based in London.

Switching over to the "Land Down Under," Apple is currently in the early stages of erecting a new concept store right at the heart of the Federation Square in Melbourne, Victoria. The construction, however, is facing opposition from various groups who feel that building an Apple store in the Fed Square is not in line with the area's main function of housing cultural institutions, The Guardian reported.