2017 was a particularly profitable year for Apple CEO Tim Cook. The Alabama-born executive’s annual salary rose 47 percent this year to $12.8 million USD, the company revealed in a regulatory filing.
Specifically, Cook’s pay included a base salary of $3.1 million, along with $9.3 million in non-equity incentive pay, up from $5.4 million last year. The regulatory filing also notes that Cook received $440,374 in “other” compensation, which included $224,216 in security expenses and $93,109 for personal air travel. The company says it requires Cook use corporate flights for security reasons.
“Apple was above its target performance goals for both net sales and operating income, resulting in a payout of each named executive officer’s annual cash incentive,” the company wrote in its filing.
Cook’s increased earnings come during a big year for Apple. The company celebrated the tenth anniversary of the iPhone with the launch of three smartphones — the iPhone 8 and 8 Plus on September 22nd and the iPhone X on November 3rd.
Apple also saw record fourth-quarter earnings, ending the fiscal year with a net income of $52.58 billion. In this period, Apple sold 46.7 million iPhones, 10.3 million iPads and 5.4 million Macs.
Going forward, Apple projects an estimated Q1 2018 revenue between $84 billion and $87 billion USD, citing increased business during the holiday season.