Tim Cook gets a pay raise amid better iPhone profits

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The Board of directors has approved that the CEO must fly on private aircraft whenever he travels, be it for business or personal reasons, a new shareholder proxy statement from Apple has said.

While better sales is good news for Apple, which saw sales decline for the first time past year, the company thought it also means Cook's security could be at risk.

According to The Telegraph, Cook took home $12.8 million for 2017 - with $3.06 million as salary, $9.3 million in cash bonuses and the rest as additional compensation. Facebook CEO Mark Zuckerberg and Disney CEO Bob Iger both rely on private planes for all their personal travel, according to the most recent company filings for each.

In August, the iPhone maker's CEO received company stock worth $89 million after the company hit a key performance target.

The market capitalisation for the iPhone maker has been hovering around $US900 billion (more than $A1 trillion) and is up almost 50 per cent for the year.

The company bounced back in 2017, spurred on by impressive Watch sales and the release of three new iPhones; its stock performance mirrored Cook's compensation increase, running 47 percent since January 1.

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Cook has little to say about the situation if the board tells him he must use the private jet.

"I couldn't be more excited about Apple's future", said Cook during a call with analysts to discuss the company's quarterly earnings in November. The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit.

Apple doled out rewards to other top executives besides Cook, too. Apple's SVP of retail Angela Ahrendts and SVP of hardware technologies Johny Srouji brought in about $24.2 million for the year.

Apple CEO Tim Cook chats with attendees of the iPhone X event.

This post has been updated with a clarification.

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. The glass-sided store sits on shore of the Chicago River in the city's downtown.