Tim Cook, Chief Executive officer of the tech giant, Apple Inc (NASDAQ:AAPL), is becoming a most important man indeed. The truth is that, Apple is funding around $700,000 per year for his personal security itself. Nearly £450,000 was found in the company’s 14A report with “US Securities and Exchange Commission”.
In order to provide safety and security for Mr. Cook, Apple has provided home as well as personal security, since his personal safety is very important for the company and also for the company’s shareholders.
In the report, under “all other compensation”, the company mentioned as,
“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.”
The amount is not that much higher, while comparing to Amazon.com Inc’s (NASDAQ:AMZN) contribution for Jeff Bezos’ security in the year 2013, the current amount was not that ridiculous. In 2013, Amazon paid almost $1.6 million for protecting its CEO and for Larry Ellison, Oracle’s former CEO, the company spends $1.5 million every year.
Tim Cook rarely used to come to public events and also has much visible security, when he arrives at the events. By comparing the amount of money spends for him, Tim Cook reaches the top of the high-profiled CEOs.
The company explains that Mr. Cook personal safety and security is uttermost for the company, and if the same approach of security, which is followed on Apple products is offered for its CEO, then Cook had been shot for at-least two months.
Not only the Apple, but each and every hi-tech organization offering a large amount of money for protecting their CEO for the sake of their companies and shareholders.