Apple Requires CEO Tim Cook to Fly Private Instead of Commercial
The board at Apple is apparently requiring it’s CEO, Tim Cook, to fly private instead of commercially, citing safety and security reasons. The requirement includes both business and personal travel, according to reports. It must be absolutely terrible for a company to require private flying!
The information was contained in an apple filing with the Securities and Exchange Commission. The filing described the need for the private use as aircraft and said it began in 2017. According to the filing, “This policy was implemented in 2017 in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook’s role as CEO. Mr. Cook recognizes imputed taxable income and is not provided a tax reimbursement for personal use of private aircraft.”
The report also designates that other members of the executive team may be allowed to fly private in the interest of security or benefit to the company/scheduling. However, Tim Cook is the only member of the executive team required to fly private. Members of the executive team are also able to bring spouses or other family members, but the executive has to pay the “incremental costs.”
The filing also included the total compensation for Tim Cook. In 2017, Cook brought in $12,825,066 in total compensation. This included $93,109 that Cook spent on travel expenses, which is covered as part of his compensation.
It’s been a bit of a rough month for Apple from a PR perspective. On Thursday, the company apologized and lowered battery replacement costs on some models of it’s iPhones after the company made it known publicly in mid-December that they throttle the speed of older iPhones to preserve battery life. The admission has caused some outrage from people who have always believed the company slowed down iPhones after newer models were put into the market. It is still unclear whether Thursday’s announcement will be good enough for Apple customers.