Apple CEO Tim Cook's earnings up 74% to $102m

Tim Cook’s pay has risen as a result of strong demand for the iPhone 7 Macbook Pro and iPad Pro

(Web Desk) - Apple CEO Tim Cook was rewarded by the tech giant for producing higher profits through the sales of iPhones in the previous years since he took charge of the company.

Cook's total compensation was $12.8 million in 2017, up almost 50% from the previous year, according to the filing.

As if that weren't enough, at the behest of Apple's Board of Directors, Cook was also required to fly around for official business exclusively on a private jet this year, and will continue to moving forward, the report added.

Cook is getting the mandatory perk that cost the company $US93,109 ($A119,459) this year for personal trips alone, The New York Post reports. 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. Mr. Cook's pay increase was driven by his cash bonus, which was hinged on exceeding.

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According to new report from Bloomberg, Cook enjoyed a 47 percent jump in compensation in 2017, pulling in $12.8 million United States dollars for the year, including a $9.3 million cash bonus. Including that amount, Cook's total pay for the year topped $100 million. The flight policy went into effect in 2017 "in the interests of security and efficiency" based on Cook's "highly visible" role as CEO. "Apple exited the quarter with some iPhone 8 inventory due to softer than expected demand compared to the iPhone 7 series", Counterpoint said.

Apart from Cook, other top executives did receive a pay raise as well.

Cook's personal travel cost came to $93,109 in fiscal 2017, according to the filing. He's still actually the lowest paid among his executive team, who all make around $24 million a year.

The proxy filing to the SEC comes as Apple announced it would be holding its annual share holder meeting on 13 February at the Steve Jobs Theatre, where it also launched the iPhone X.

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