Why Apple’s Board Is Requiring CEO Tim Cook to Only Fly Private
While executives have been criticized in the past for overzealously flying by private plane, Tim Cook now has no other option.
The Apple CEO now has to fly private, even for personal travel on orders of Apple’s board of director. The board of directors said in a statement that the decision, which took effect this year, was “in the interests of security and efficiency based on our global profile and the highly visible nature of Mr. Cook’s role as CEO.”
Apple has had a big year in 2017, releasing a new Apple Watch, the iPhone 8 and 8 Plus and a special iPhone X, which marks the iPhone’s 10th anniversary.
That left Cook with a 74% increase in his annual bonus. Cook also received $3.06 million in salary and an equity award of $89.2 million, meaning he made $102 million in fiscal year 2017 alone.
It won’t be the first time an Apple CEO has flown private. Apple gave a private jet to Steve Jobs in 2000, according to Business Insider.