Tim Cook got a hefty raise this year

Tim Cook got a hefty raise this year

Apple has also hired "personal security services" for Cook.

Recently, Cook's salary and perks jumped 47 per cent to around $13 million in 2017, reported IANS.

In fiscal year 2016, Cook's salary actually dipped $1.5 million from the prior fiscal year.

The market capitalization for the iPhone maker has been hovering around $900 billion and is up almost 50 percent for the year. Sign up for the free Good Morning Silicon Valley newsletter. "As we approach our holiday season, we expect it to be our biggest quarter ever". The pay increase came from a larger bonus because Apple beat its goals for annual sales and operating profit. Angela Ahrendts, the former CEO of Burberry and now head of Apple's retail operations, topped the list with $24.2 million in total compensation.

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Cook's real wealth comes from his stock options. Furthermore, he already holds a stock which is worth $89.2 million.

According to a report from Bloomberg Technology's Anders Melin and Alex Webb, Apple CEO Tim Cook, a graduate of Auburn University and Baldwin County's Robertsdale High School, will have a total payout for the year "to about $102 million".

Cook's personal travel cost came to $93,109 in fiscal 2017, according to the filing.

A filing with securities regulators during the week said the board determined that its CEO must use private aircraft for "all business and personal travel". The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. From now on Cook will be using only the private jets for all business and personal travels.

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Mr Cook became Apple's chief executive after Steve Jobs resigned in 2011 and shares in the company have more than tripled under his watch.

This post has been updated with a clarification.

Apple shelled out $224,216 in incremental private security costs for Cook, including the hiring of personnel for his benefit, the proxy statement said. The glass-sided store sits on shore of the Chicago River in the city's downtown.

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