“Buried in Apple’s ‘Schedule 14A’ report with U.S. Securities and Exchange Commission is the fact that Apple spends close to $700,000 per annum to protect Apple’s CEO Tim Cook,” Jack Purcher reports for Patently Apple.
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.
“There’s plenty of upside to being a Fortune 100 CEO. But the power also comes with a major downside: it can come with all sorts of threats to personal safety,” Claire Zillman reported for Fortune in January. “Not only do those threats pose danger to individual executives, but such events could be devastating for a company’s financial health. So it’s no wonder that some of the nation’s most prominent companies pay a pretty penny to ensure their leaders stay out of harm’s way.”
“Which company shells out the most?” Zillman reports. “According to analysis of Fortune 100 data in the upcoming 2014 Benefits and Perquisites Report by Equilar, which tracks executive compensation, it’s Amazon. The online retailer paid $1.6 million in 2013 for security perks for founder and CEO Jeff Bezos, whose personal worth totals an estimated $28 billion.”
“Oracle spent $1.5 million on security for Larry Ellison, who recently stepped down as CEO of Oracle but will serve as executive chairman and chief technology officer of the business software company. In an SEC filing, the company said that the $1.5 million went toward security-related costs and expenses for Ellison’s ‘residence.’ The Oracle founder is known for his extravagant real estate purchases, including nearly an entire Hawaiian island in 2012,” Zillman reports. “Disney spends the third-most [make that fourth-most – MDN Ed.] money for CEO security, according to Equilar, paying $584,075 to protect CEO Bob Iger, followed by the $385,606 Berkshire Hathaway shells out for Warren Buffett’s safety…”
Read more in the full article here.
MacDailyNews Take: Better safe than sorry. To us, it seems like Apple’s getting of cheap. Cook’s safety is paramount. Hopefully Jony is well-protected as well.
[Attribution: Fortune. Thanks to MacDailyNews Readers “Fred Mertz” and “Lynn Weiler” for the heads up.]