At that price, Apple’s shelling out enough cash to keep at least five personal security professionals by Cook’s side.
Advertisement
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. Firstly contributions to Cook’s account under the 401(k) plan are at $15,600 per year.
While Cook is a recognisable figure a couple of body guards to follow him around is not going to cost $700,000.
It adds: “The Company considers the security measures to be a reasonable and necessary expense for the benefit of the Company”.
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 documents further reveal the safety and security of Tim Cook is of the utmost importance to Apple and the shareholders.
As of 2014, Amazon spent $1.6 million protecting Jeff Bezos. Oracle paid $1.5 million that year for now-former CEO Larry Ellison’s security.
Advertisement
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. So obviously, companies spend plenty of money to protect their leadership.
