Daisy Watts 
Jan 12, 2024
Apple CEO Tim Cook earned $63,209,845 in 2023, 28% higher than his pre-decided compensation of $49 million, the company’s annual proxy statement — which was released on Friday — showed.
In 2023, Cook’s target compensation was $49 million which was 40% less than 2022’s target of $84 million — which he exceeded by $15.4 million.
The breakdown of the CEO’s earnings is:
- Salary: $3,000,000
- Stock Awards: $46,970,283
- Non-Equity Incentive Plan Compensation: $10,713,450
- All Other Compensation: $2,526,112
“The 2023 annual total compensation of our CEO was $63,209,845, the 2023 annual total compensation of our median compensated employee was $94,118, and the ratio of these amounts is 672 to 1,” the report read.
It further highlighted that this pay ratio reflects a reasonable estimate consistent with Securities Exchange Commission (SEC) rules based on the methodology we described above.
It should be noted that the Cupertino-based tech giant’s annual shareholder meeting is set for February 28 and some changes are expected.
According to the report, last year Apple also spent $1,621,468 in personal air travel expenses for Cook — which is more than double what was spent in 2022.
Meanwhile, the company spent $820,309 on the CEO's personal security, “which represents the incremental cost to Apple for personal security services provided to Mr. Cook as determined by allocating both direct costs and a percentage of fixed costs incurred by Apple and used to provide such personal security services.”
Below are the compensation amounts of some more executives at Apple:
- Luca Maestri, CFO — $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
