Apple CEO Tim Cook spent over $400k on travel expenses in 2020
But that's just a dent in the $14+million he got...
The coronavirus pandemic has meant that many people around the globe have not been able to travel due to restrictions and the risk of being infected by the virus.
However, many businesses have still had to travel, Apple included, which is why its CEO Tim Cook has had to fly about. But who would have thought he'd have spent more on travel in 2020 than in 2019?
Included in the tech giant's filing with its stockholders on Tuesday ahead of its annual shareholder meeting in February, Apple claimed Tim Cook's air travel expenses were $432,564 last year. That's up more than 37% from the $315,311 Apple announced in 2019, which itself had risen from 2018.
Of course being Apple's CEO means Tim can travel using a private jet which he is also allowed to use for personal travel, but it's unlikely he did much of that. Apple paid him $115,385 in unused vacation time, up 25% from 2019.
But what racked up the bills? Well, Cook's air travel includes costs for fuel, departure and landing fees, and hourly flight charges. Apple declined to comment on how those costs have changed with additional health measures in response to the pandemic.
Those vacation and travel costs, as well as other items like his $3 million salary, 401(K) contributions, life insurance and $470,246 in security costs, all added up to $14.7 million. That's up 28% from 2019, and down slightly from from 2018.
All in all, Cook's compensation was about 256 times the median compensation for Apple's employees.
Compensation for other executives working at Apple included $26.3 million for CFO Luca Maestri, $26.2 million for General Counsel Kate Adams, $26.3 million for head of people and retail Deirdre O'Brien, and $26.3 million for COO Jeff Williams. Each had risen from 2019.
Sure, this is an awful amount of money, but you have to remember this is one of the world's biggest technology companies, therefore its valid to invest so much into travel...but why not just use FaceTime?