Friday, August 7, 2015

Apple Inc. Devotes $700,000 A Year For Tim Cook's Security

CEO of one of the most profitable tech companies in the world, Tim Cook’s security is therefore top priority for Apple

According to a recent report, Apple goes all out when it comes to spending on security measures of their top level executives, according to the Apple’s Schedule 14A filing with the Securities and Exchange Commission; the company spends $700,000 each year to protect CEO, Tim Cook.

Here is the breakdown of the amount as seen in the report:

The report notes that, “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.“

Most companies devote billions of dollars for the protection of their top level executives in Silicon Valley, therefore the amount being spent on Tim Cook does not come as a surprise; it’s pretty normal according to the standards being followed in Technology firms. Amazon for instance spent a significant amount to look after its CEO, Jeff Bezos back in 2013, at the time, it was the highest amount being spent on an executive; $1.6 million, according to a report by Equilar.

If you look at it from an investor’s point of view, Tim Cook is undoubtedly an asset worth billions for the company. Therefore, Apple can spare an extra $700,000 form their security expense considering his role in steering the company in the right direction.

The Tech Zone
The Tech Zone

This is a short biography of the post author. Maecenas nec odio et ante tincidunt tempus donec vitae sapien ut libero venenatis faucibus nullam quis ante maecenas nec odio et ante tincidunt tempus donec.

No comments:

Post a Comment