Apple CEO Tim Cook’s annual pay takes a fall to $63 million in 2023،
As Apple prepares for the highly anticipated release of its first XR headset, the Vision Pro, the tech giant remains committed to keeping its investors, shareholders and enthusiasts well informed. Apple recently released its annual proxy statement for investors, highlighting various topics including executive compensation and shareholder proposals. The filing provides insight into the compensation of Apple's top executives, including the company's CEO, Tim Cook. According to reports from 9to5Mac, Cook's target compensation for 2023 was $49 million. This figure represents a significant 40% decrease from the previous year's goal of $84 million, which it exceeded by earning $99.4 million.
However, the latest proxy filing reveals that Cook's total compensation for 2023 also exceeded the target. Apple reports that Cook earned a substantial $63,209,845 during the year, surpassing the $49 million originally anticipated by about 28%. Despite the increase, Cook's 2023 earnings remained approximately 36% below his 2022 compensation.
Tim CookThe 2023 compensation includes a salary of $3,000,000, stock awards amounting to $46,970,283, compensation under a non-stock incentive plan totaling $10,713,450 and additional compensation of $2,526,112.
Additionally, Apple reveals that its median paid employee's total annual compensation in 2023 was $94,118. This calculation results in a salary ratio of 672 to 1 between Tim Cook and the median Apple worker.
The proxy statement also provides details on the compensation of other notable Apple executives:
- Luca Maestri, financial director: $26,935,883
- Kate Adams, general counsel and secretary: $26,941,705
- Deirdre O'Brien, Senior Vice President of Retail: $26,937,010
- Jeff Williams, COO: $26,961,226
Additionally, Apple's 2023 expenses included $1,621,468 in personal air travel expenses for Tim Cook, more than double the amount spent the previous year. The company also allocated $820,309 for Cook's personal security, covering the additional cost Apple incurred in providing these services, including direct costs and a portion of fixed costs. Each year, public companies must submit a DEF 14A, known as an annual proxy statement, to the SEC (Securities and Exchange Commission) before their general meeting. This document provides shareholders with vital information to make informed decisions on issues such as the election of directors, executive compensation and auditor ratification.
