Tim Cook's Compensation Reaches $63.2 Million in 2023: Apple's Proxy Statement Unveils Executive Pay
Apple recently unveiled its annual proxy statement, delivering intricate details to stakeholders regarding executive compensation and pertinent information. A standout revelation in the statement pertains to CEO Tim Cook's earnings for the year 2023.
Tim Cook's Compensation Surpasses Projections
In the fiscal year 2023, Tim Cook garnered a grand total of $63.2 million from Apple, outstripping his initial goal of $49 million by an impressive margin of 28%. This follows a prosperous 2022, where Cook went beyond his target of $84 million, securing a total compensation of $99.4 million.
Breakdown of Cook's Earnings in 2023
A closer analysis of Tim Cook's 2023 compensation uncovers a salary of $3 million, $46.9 million in stock awards, $10.7 million in performance incentives, and $2.5 million in additional compensations. While there was a 36% decline from his 2022 earnings, Cook still managed to surpass the revised target for 2023.
Surge in Personal Air Travel and Security Expenses
In adherence to Apple's 2017 policy mandating the use of a private jet for Tim Cook's business and personal travels, the company bore $1,621,468 in personal air travel costs for him in 2023, more than doubling the expenses from 2022. Moreover, Apple allocated $820,309 for Cook's personal security, factoring in the increased expenses tied to specialized security services.
Employee Compensation Landscape at Apple
The proxy statement also offers insights into the broader spectrum of employee compensation at Apple. The median annual compensation for Apple employees in 2023 stood at $94,118, starkly contrasting with Tim Cook's earnings and leading to a pay ratio of 672-to-1 between Cook and the median employee.
Detailed Compensation of Other Key Executives
Apart from Tim Cook, the proxy statement unveils the compensation details of other top executives at Apple. Luca Maestri, the Chief Financial Officer, received $26.9 million, alongside Kate Adams, the General Counsel and Secretary, also obtaining $26.9 million. Deirdre O'Brien, the Senior Vice President of Retail, and Jeff Williams, the Chief Operating Officer, each earned a sum of $26.9 million.
In essence, Apple's proxy statement offers a holistic view of executive compensation, shedding light on Tim Cook's earnings and the broader employee compensation scenario within the company.
