
Apple's Board Says Tim Cook Has to Fly Private from Now On (2017) - prostoalex
https://www.entrepreneur.com/article/306710
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smaili
For those thinking "What about Jobs?", the article actually alludes to it at
the end:

> On a historical note, Cook's predecessor Steve Jobs actually had a private
> jet all his own: Apple gifted it to him in 2000, a few years after he came
> back to the company in 1996, as a thank-you present for turning around the
> company. Apple actually reimbursed Jobs for any time he had to take the jet
> out for business purposes.

~~~
Waterluvian
When he's "gifted" a private jet. Are they literally giving him a plane or
does that just mean they'll pay for the use of a chartered private jet?

~~~
VectorLock
Sounds like they actually gave him a jet. If they just chartered a private jet
for him whenever, they wouldn't reimburse him every time he used it for
business purposes.

~~~
cabaalis
Amazing to imagine that a non-personal use of the plane would require the
company to reimburse me!

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trillic
Someone somewhere determined the risk of him flying commercial was more than
the cost of him flying private.

~~~
rconti
I would think, arguably, the private jet itself is less safe than commercial,
but I don't have any stats to back that up.

When you add in personal safety (from other passengers), maybe for a high
profile person, the private jet is safer.

And obviously it's good in the interest of efficiency.

~~~
mi100hael
I'd guess "private flight" statistically has higher incident rates, but it's
possible to beat commercial on an individual basis if you hire the best
pilots, buy a large top-of-the-line plane with cutting-edge avionics, etc
which I'd assume Apple does for its CEO.

I think most private flight incidents are caused by pilot error, particularly
in low-viz conditions where good instruments would help.

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Bankq
> All told, Cook made $12,825,066 at Apple in 2017 -- including a $16,200
> contribution to his 401(k) retirement account from the company.

$16k 401(k)really? Is that from a legal requirement?

~~~
programbreeding
The maximum total contribution to a 401k (employee + employer) is $55,000/yr.
He likely hit that limit.

And/or Apple matches 1:1. The personal maximum contribution is $18,000/yr, and
he intentionally stayed under that limit.

~~~
refurb
_The maximum total contribution to a 401k (employee + employer) is $55,000
/yr. He likely hit that limit._

Not sure I understand. How could he hit the limit? Tim can contribute $24,500
($18K + $6K since he's over 50). If Apple matched $16,000, how could he hit
the max of $60K?

~~~
SteveNuts
I believe companies can add more to the 401k than what the person contributes.

~~~
refurb
Yeah, but the article states Apple contributed $16k.

Maybe it’s the highly compensated employee clawback? I know if you make over a
certain amount your contribution and matching limits can come down.

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abledon
Apple hits 1 trillion in value.

Canada gdp : 1.7 trillion

Catching up!

~~~
phowat
That's comparing apples to oranges. GDP measures production/income, not really
comparable to market value.

~~~
Leary
The total market cap for the Toronto Stock Exchange is $2.2 trillion, for
example.

As an American, I would love Canada to become even better off economically
than they are today, which is pretty comparable to the US on a per capita
basis.

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ezequiel-garzon
(2017)

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urda
Can we tag this [2017] ?

~~~
codetrotter
Only if we use the correct form of parentheses.

------
evadne
[2017]

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pbreit
That seems rather dumb. Flying private it one of the all-time productivity
enhancers in both minimizing travel time and maximizing in-transit work-time.

~~~
tedmiston
What part seems dumb?

~~~
pbreit
Ah, I misread it as the opposite!

