Apple Spends Nearly $700,000 Annually for CEO Tim Cook’s Protection
According to Patently Apple (via BusinessInsider), who obtained the info from Apple’s Schedule 14A report with the US Securities and Exchange Commission, the company spends nearly $700,000 over protection of CEO Tim Cook. As the CEO of the most profitable tech company on the planet, that seems to be the price of doing business “in a gun ridden country”, as the source puts it.
Formally the report states: “This amount represents: (i) the Company’s contributions to Mr. Cook’s account under its 401(k) plan in the amount of $15,600; (ii) Company-paid term life insurance premiums in the amount of $2,520; (iii) vacation cash-out in the amount of $56,923; and (iv) security expenses in the amount of $699,133.”
Interestingly, the amount isn’t actually that much as compared to how much other tech firms have spent on security for their senior execs in the past. For example Amazon spent the most looking after its CEO Jeff Bezos in 2013, paying over $1.6 million a year.
Similarly, when Larry Ellison was the CEO of Oracle, the company spent $1.5 million per year providing security for him.