Tim Cook receives $63.2 million despite earnings decline in 2023

Tim Cook receives $63.2 million despite earnings decline in 2023

Tim Cook Earns $63.2 Million in 2023: Apple’s Proxy Statement Reveals Executive Compensation

Apple recently released its annual proxy statement, which provides investors with detailed information about executive pay and other relevant data. Among the highlights of the statement is the disclosure of CEO Tim Cook’s compensation for the year 2023.

Tim Cook’s Compensation Exceeds Expectations

In 2023, Tim Cook earned a total of $63.2 million from Apple, surpassing his initial target of $49 million by an impressive 28%. This follows a successful year in 2022, where Cook exceeded his initial target of $84 million and received a total compensation of $99.4 million.

Breakdown of Cook’s 2023 Compensation

The breakdown of Tim Cook’s compensation for 2023 reveals a salary of $3 million, $46.9 million in stock awards, $10.7 million in performance incentives, and $2.5 million in other compensations. While this represents a 36% decrease compared to his 2022 earnings, Cook still managed to surpass the lowered target set for 2023.

Increased Expenses for Personal Air Travel and Security

As per Apple’s 2017 policy, which requires the use of a private jet for Tim Cook’s business and personal travel, the company incurred $1,621,468 in personal air travel expenses for him in 2023. This amount is more than double the expenses incurred in 2022. Additionally, Apple spent $820,309 on Cook’s personal security, taking into account the incremental costs associated with dedicated security services.

Employee Compensation at Apple

The proxy statement also provides insights into the broader employee compensation landscape at Apple. In 2023, the median annual compensation for Apple employees was $94,118. This starkly contrasts with Tim Cook’s earnings, resulting in a pay ratio of 672-to-1 between Cook and the median employee.

Compensation Details of Other Top Executives

In addition to Tim Cook, the proxy statement discloses the compensation details of other top executives at Apple. Luca Maestri, the Chief Financial Officer, received $26.9 million, while Kate Adams, the General Counsel and Secretary, also received $26.9 million. Deirdre O’Brien, the Senior Vice President of Retail, and Jeff Williams, the Chief Operating Officer, both earned $26.9 million.

Overall, Apple’s proxy statement provides a comprehensive overview of executive compensation, shedding light on Tim Cook’s earnings and the broader employee compensation landscape at the company.

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