The life of a one of the world’s best-paid and most powerful CEOs sounds pretty sweet, except for one thing: lot’s of people are out to get you. The ongoing reports by the company’s U.S. Securities and Exchange Commission filings have so far claimed Apple to be spending approximately US$ 700,000/year so that its chief executive officer, Tim Cook could be safeguarded:
“This amount represents: (i) the Company’s contributions to Mr. Cook’s account under its 401(k) plan in the amount of US$ 15,600; (ii) Company-paid term life insurance premiums in the amount of US$ 2,520; (iii) vacation cash-out in the amount of US$ 56,923; and (iv) security expenses in the amount of US$ 699,133.”
The bulk of those costs likely go to protecting Cook’s modest home in Palo Alto, California. However, according to rest of CEOs, Apple is expending very less over on Cook’s protection.
As per Fortune Magazine reports:
“Amazon did seem to have had spent around US$ 1.6 million in year 2013 on security for founder and CEO Jeff Bezos while Oracle had claimed to spent US$ 1.5 million on security for Larry Ellison, then-CEO.”
Tim Cook rarely has much visible security when seen at public events, but bodyguards are doubtless there in the background. It’s likely that a sizeable chunk of the expenditure protects his surprisingly modest four-bedroom home. The figure likely reflects only those costs that are specific to protecting Cook. There will, of course, be more general security costs associated with protecting Apple execs both at 1 Infinite Loop and at events.
On the other hand, the electronics chain all over is now offering Apple’s wearable device at both its retail stores and its website, as announced late last month. Best Buy is selling the Apple Watch Sport, which starts at US$ 349, and the Apple Watch, starting at US$ 549, as well as a variety of straps and other accessories. But it will not offer the more luxurious and expensive Apple Watch Edition, which starts at US$ 10,000.