Apple CEO Tim Cook's 2023 compensation of $63,209,845 surpassed the $49 million target by 28%. The pay ratio between Cook and the median compensated employee is 672 to 1. The annual compensation of other top executives, including Luca Maestri, Kate Adams, and Deirdre O'Brien, was also disclosed.
Every year
Apple
releases its annual proxy statement to investors, which includes executive compensation, among other things. The statement includes the annual pay of
Apple CEO Tim Cook
. As per the statement, Cook exceeded his targeted compensation for 2023. Despite a planned decrease of 40% from the 2022 target, Cook's actual earnings for the year totaled $63,209,845, surpassing the $49 million goal by approximately 28%.
This comes after Cook's 2022 target of $84 million, which he exceeded with a total compensation of $99.4 million.
Cook’s salary components
The breakdown of Cook's 2023 compensation includes a $3 million salary, stock awards amounting to $46,970,283, non-equity incentive plan compensation of $10,713,450, and additional compensation totaling $2,526,112. While the 2023 figure represents a 36% decrease compared to his 2022 earnings, the substantial surpassing of the $49 million target highlights Cook's continued impact on Apple's success.
“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,” Apple said in the proxy filing.
Apple has also disclosed that the median annual total compensation for its employees in 2023 stood at $94,118, according to the proxy filing. This revelation highlights the pay ratio of 672 to 1 between Apple CEO Tim Cook and the median compensated employee.
In the latest financial disclosures from Apple, the company's top executives’s annual compensation also came to light Luca Maestri, serving as Chief Financial Officer (CFO), earned $26,935,883 in annual compensation. Kate Adams, holding the position of General Counsel and Secretary, reported a compensation of $26,941,705. Deirdre O’Brien, who serves as the Senior Vice President of Retail, had an annual compensation package. amounting to $26,937,010. Meanwhile, Jeff Williams, the Chief Operating Officer (COO), reported a total compensation of $26,961,226.
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