Tech giant spends almost N140 milllion on security for its CEO

folarin okunola

August 7, 2015 1:20 PM

While that may seem like a lot of money it actually isn't that much considering how much other tech firms have spent on security for their senior execs in the past.

Tim Cook is CEO of Apple Inc.

Reports revealing Apple spends nearly $700,000 (about £450,000) a year to protect CEO Tim Cook have surfaced all over the internet.

Business Insider reports that Patently Apple pulled the figure from Apple's Schedule 14A report with the US Securities and Exchange Commission.

In full, the report stated (emphasis is Business Insider's): "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 ."

According to a Fortune article, which quotes a 2014 report by Equilar, Amazon spent the most amount of money looking after its CEO in 2013. Equilar is a firm that tracks executive compensation, and it says Amazon paid out $1.6 million that year on security for Jeff Bezos. During the same period, when Larry Ellison was still CEO of Oracle, $1.5 million was spent on security for him.

folarin okunola