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Tim Cook on Private Jets Only on Apple's Orders

Image: Tim Cook on Private Jets Only on Apple's Orders

Apple CEO Tim Cook looks on during an Apple special event at the Steve Jobs Theatre on the Apple Park campus on Sept. 12, 2017, in Cupertino, California. (Justin Sullivan/Getty Images)

By    |   Friday, 29 December 2017 11:04 AM

Tim Cook will travel on private jets only from now on, as required by Apple.

According to the company, its chief executive will have to use a private aircraft for all his business and personal travel "in the interests of security and efficiency," Business Insider noted.

Apple revealed this in a shareholder proxy statement released Wednesday afternoon, stating that the decision is due to the company's "global profile and the highly visible nature of Mr. Cook's role as CEO."

For Apple's 2017 fiscal year, which ended in September, Cook's personal air travel expenses amounted to $93,109, Fox Business reported.

Included in this total are the hourly flight charges as well as departure and landing fees and fuel charges and now these expenses will be considered extra compensation on which Cook will be taxed.

"Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft," Apple said in its filing, per Fox Business.

Cook received a $9.33 million bonus on top of his $3.06 million salary and $89.2 million in Apple stock, the New York Post said.

Other Apple execs use private jets for their travel, but Business Insider noted that they would be required to pay toward the costs should they bring along a spouse or family member.

The announcement has drawn a fair share of criticism.

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Apple CEO Tim Cook will travel on private jets for all his business and personal travel "in the interests of security and efficiency," the company announced Wednesday.
tim cook, private, jets, apple
260
2017-04-29
Friday, 29 December 2017 11:04 AM
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