“Apple spent $699,133 on personal security for chief executive Tim Cook in 2014, the first time the company has disclosed spending any such money to protect him,” Chris O’Brien reports for VentureBeat. “”
“The expenditure was included in Apple’s latest proxy filing yesterday, which reported that Cook’s total compensation for the year was $9.2 million. The security spending fell under the category of ‘other compensation,’ which for Cook rose to $774,176 in the fiscal year ending September 2014, up from $52,721 in 2013, and $17,274 in 2012,” O’Brien reports. “In a footnote to the ‘other’ category, Apple simply says the category includes ‘security expenses in the amount of $699,133.’ The company made no such disclosures in the past two years.”
“Such security arrangements are not unusual for executives across many industries, including tech,” O’Brien reports. “Oracle’s Larry Ellison, for instance, has long received substantial protection at home and when he travels, typically with bodyguards. Last year, Oracle paid $1,530,610 for his security.”
Read more in the full article here.
[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]
What a bargain. That’s probably the cost per day to protect the president and Tim is way more valuable and irreplaceable than him.
Cooks makes a number of international trips every year, and some of them can be very costly in terms of security, depending on areas Cook visits.
R2, you cannot possibly be serious. That is absurd on so many levels.
$1,915.38 per day.
Sounds like a bargain to me, and a necessary expense, sadly, in today’s world.
VIPs only use security when going out into the real world. The biggest problem I see is that Tim’s only time spent in public is for gay pride events and film festivals. His presence in explaining and promoting Apple regularly, especially in fast growing markets, is surprisingly lacking.
But go ahead, MDN, deify Timmy. He must be a genius because he was in the right place at the right time to inherit the iTunes app store juggernaut that Jobs implemented, right?
False. He spends times at Apple Store openings, to testify at government hearings and meeting with foreign governments about new sites, he speaks on college campuses, he meets with high level vendors and 3rd party manufacturers (usually in foreign countries) and various charity causes. Your homophobe feeble mind might be obsessed with the fact that Tim is gay, but he actually lives a full normal life similar to any other corporate CEO. The fact that he is head of the world’s more valuable company means his security needs are great.
He must be a genius because he was in the right place at the right time to inherit
Let me fill you in on something, pinhead. Tim was in charge of managing Apple’s supply chain for about a decade before Steve died. He’s why Apple is as efficient as they are.
Steve chose him to run Apple, and he chose very well. Tim is one of the most talented executives in any business today.
-jcr
Well, J.C. Pinhead, let me clue you into something. Under Cook’s watch, his reckless outsourcing to suppliers like Samsung, not to mention several Chinese supplier, allowed them to steal IP. And if you think that by assembling at Foxconn makes apple somehow more efficient than HP or Dell, then you are a buffoon.
Cook outsourced to the max, and now Apple has to contend with a world full of Android knockoffs. Open your eyes, old man.
Guess it’s something we average folk don’t have to think about but it makes sense. A friend just got back from vacation in the Caribbean and she thought the president was there due to all the security details around. Nope, just your average Russian billionaire on holiday.
good. no creme pie in face like good ole Billy got:
No reason for anyone to get paid that amount! Amazing what these execs make and sports players make, etc. Outrageous!
Ignorant troll comment by an ignorant troll.
Umm…no you couldn’t be more than wrong about that one!
good. protect that man, he’s important
Cheap at ten times the price!
Compared to Steve Jobs who apparently spent nothing! Anyone from Steve’s neighborhood will tell you that you could walk right up to his door and ring the bell! He and Laurene would park in the side driveway just off the street. No protection, no guards, no NOTHING! He was a class act.
What is the big change from last year to this year?
Tim Cook has made statements and donated money for gay causes.
Should Apple Shareholders pay for the expenses if threats have been made because of Cook’s deliberate public political statements?
Yes, they should. Doing the right thing and saying the right thing often means making enemies out of people who disagree with that right thing, and some of these enemies may be fanatical to the point of wanting to kill you.
Unfortunately, in today’s times, when you support a just and fair cause, you may incur the wrath of some crazy people (most often ‘Islamic” fundamentalists, but not exclusively them), who then get hell-bent on killing you. Protection has become the necessary evil of today’s reality.
False. The change is that Apple is detailing the expense where before they did not. Back with Carly was CEO of HP, I have personal knowledge that HP spent over $1M in personal security for her. After she pushed to merge with Compaq, the death threats and security concerns went through the roof and the expense was over $2M. In today’s world most people go nuts over money rather than who is sleeping next to you in bed.
SDnSD you may be right, you brought up a point I had not considered- that Apple may have been paying security expenses for Cook and others but this time they simply are reporting the expenses.
it is important to realize this isn’t about who is sleeping with Cook, it is simply that he has stated publically what HE THINKS the LAW SHOULD BE. It has nothing to do with “Doing the right thing”. It is just about whether a CEO should publicly support a cause or not.
As I have stated before, I don’t care what Cook does in his personal life. In all the articles i’ve read about him and his personal life, I’ve read ONE extremely unflattering article about his personal life. In one sentence the article said that he does not wish an equal relationship in his personal relationships Is that true or not? I have no idea. What I do care about is if Cook does something in his personal life that affects Apple or the stock price of Apple. I also care if Cook, like any multimillionaire, uses his enormous wealth to influence politics and elections. To my knowledge, he has never done this before, until this year. In my view, Cook does a great job running apple and that is what he should stick to.
All this is not unusual- for example Warren Buffet’s first wife was a major donor to “pro abortion” groups including planned parenthood for decades. In addition, Buffet for more than a decade basically had two wives- one in California and one living with him in Omaha. Both had the blessing of each other. So corporate executives personal lives can be very different than the Ward and June Cleaver model.