With Apple being valued at more than $700 billion, it is no surprise that the company would spend as much as it can to ensure the security of the man at the top.
According to a proxy statement filed with the Securities and Exchange Commission, Apple's annual spending on Tim Cook's personal security alone reaches nearly $700,000. More specifically, Apple spends $699,133 to make sure its chief is safe.
While that may seem like a whole lot of cash to be shelling out for one man's safety and more than what the company pays a dozen of its own highest paid Genius Bar Employees, as one of the richest men in the world and the first chief executive officer in a Fortune 500 firm to come out as gay, Cook is a target for many security risks, including potential hate crimes.
Other companies and organizations who spend big money on keeping their head honchos safe include Disney, which spent $584,075 on its CEO. Bob Iger, and Berkshire Hathaway, which spent $385,606 for the security of Warren Buffet last year.
But Apple and other companies' annual expenditure on the security of its CEO pale in comparison to the amount that Amazon and Oracle pay. According to reports, in 2013, Amazon spent $1.6 million on the protection of Jeff Bezos, while Oracle paid $1.5 million for the protection of former CEO, Larry Ellison.
Other expenses Apple pays for Tim Cook's account include the following:
"(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."
