Tim Cook required to fly only by private jet

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(Web Desk) - Apple CEO Tim Cook was rewarded by the tech giant for producing higher profits through the sales of iPhones in the previous years since he took charge of the company.

In a proxy statement filed with the US Securities and Exchange Commission, Apple said Mr Cook earned just over $3m (£2.2m) in salary, plus $9.3m (£6.9m) in bonuses.

On Wednesday, Apple, in the shareholder proxy statement, said, "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". Again. That's why Tim Cook and other Apple execs received appropriate compensation. Adding $89.2 million in equity award, Cook brought home a whopping $102 million in 2017, minus compensations. From now on Cook will be using only the private jets for all business and personal travels.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year.

The head of the world's most valuable company has stopped flying commercial.

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In documents filed with the U.S. markets regulator, Apple said the policy was "in the interests of security and efficiency".

That puts Cook in good company. Mr. Cook's pay increase was driven by his cash bonus, which was hinged on exceeding. He's still actually the lowest paid among his executive team, who all make around $24 million a year.

Private air travel has become very expensive and to a point that even the wealthiest of businesspeople do not always use it. Warren Buffett named his private aircraft The Indefensible when finally giving into the convenience and the luxury they bring.

Apart from Cook, other top executives did receive a pay raise as well.

The American multinational technology company has also hired personal security services for Cook. Apple gave a private jet to Steve Jobs in 2000, according to Business Insider.

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