It costs Apple $700,000 a year to protect CEO Tim Cook

The tech company considers its head's personal security to be 'of utmost importance'

Click to follow
The Independent Online

As CEO of the world’s most profitable tech company, Tim Cook is a very important man indeed. So important, in fact, that Apple forks out a massive $700,000 a year on his personal security.

The staggering figure, which translates to nearly £450,000, was spotted in Apple’s Schedule 14A report with the US Securities and Exchange Commission by Patently Apple.

In full, the section in question under a heading titled “all other compensation" read: "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.”

Apple clarifies its expenditure on Cook’s security later in the report, explaining that it “generally does not provide perquisites to its officers that are not available to employees generally”.

“The company provides home and personal security for Mr Cook because his personal safety and security are of the utmost importance to the company and its shareholders."

Surprisingly, the number isn’t actually all that ridiculous, when you consider that Amazon paid $1.6 million to protect Jeff Bezos in 2013. Then there’s Larry Ellison, former CEO of Oracle, who cost the company $1.5 million annually.