Due to slumping iPhone sales in 2016, Cook's pay was cut 15%. His personal air travel expenses totaled $93,109 in Apple's 2017 fiscal year, which ended in September, and is based on hourly flight charges and variable fuel charges, as well as departure and landing fees.
APPLE'S CEO Tim Cook has been forced to take up a company perk by flying in style.
According to a new shareholder proxy statement from Apple, the board of directors has approved that Cook will fly on private aircraft whenever he travels, be it for business or personal objective, Business Insider reported on Thursday.
For Apple CEO Tim Cook, Santa Claus came this Christmas season to drop down his chimney a 46 percent pay raise and the use of a private aircraft.
Cook, along with other Apple board directors such as Disney CEO Bob Iger, former U.S. Vice President Al Gore, and former Northrop Grumman CEO Ron Sugar, are up for election to remain in the board another year.
"In Q4 2017, we estimate that the total profits of Apple will improve driven by its iPhone X sales".
Cook's actual salary saw a comparatively smaller $57,692 increase, but the bulk of his nearly $4 million raise came from performance-based cash bonuses.
He was also awarded stock worth $89m (£66m), up 74% from previous year for a total of roughly $102m (£75m) for his work in 2017 alone.
The policy was implemented this year "in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook's role as CEO".
Cook's compensation was almost half those of the $24.1 million packages for CFO Luca Maestri, SVP of hardware engineering Dan Riccio and general counsel Bruce Sewell.
The American multinational technology company has also hired personal security services for Cook. In 2017, Cook received a previously disclosed $89 million stock payout as part of a welcome package dating back to 2011. Apple gave a private jet to Steve Jobs in 2000, according to Business Insider.