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Apple Boss rakes in millions

by on12 January 2024

Tim Cook trousers $63 million despite slashing his pay target by 40 per cent

Apple boss Tim Cook has bagged a whopping $63 million in 2023, even though he had cut his pay target by 40 per cent from the previous year.

The tech giant has revealed its annual proxy statement for investors, showing how much its top brass are earning.

Cook's pay target for 2023 was $49 million, a massive drop from the $84 million he had aimed for in 2022, which he had smashed by earning $99.4 million.

But the latest proxy filing shows that Cook's total pay for 2023 beat the target, too. Apple reports that Cook raked in a staggering $63,209,845 during the year, exceeding the planned $49 million by about 28 per cent. Despite this boost, Cook's 2023 earnings were still around 36 per cent lower than his 2022 pay.

Tim Cook's pay for 2023 includes a salary of $3,000,000, stock awards worth $46,970,283, non-equity incentive plan pay of $10,713,450, and extra pay of $2,526,112.

Apple also reveals that the annual total pay for its average worker in 2023 was $94,118. This means that Tim Cook earned 672 times more than the median Apple employee.

The proxy statement gives details on the pay of other big Apple execs:

  • Luca Maestri, Chief Financial Officer: $26,935,88
  • Kate Adams, General Counsel and Secretary: $26,941,705
  • Deirdre O'Brien, Senior Vice President of Retail: $26,937,010
  • Jeff Williams, Chief Operating Officer: $26,961,226

On top of that, Apple's expenses for 2023 included $1,621,468 in personal air travel costs for Tim Cook, more than double the amount spent in the previous year. The company also forked out $820,309 for Cook's personal security, covering the extra cost incurred by Apple to provide these services, including direct costs and a part of fixed costs.

Every year, public companies must send a DEF 14A, also known as an annual proxy statement, to the SEC (Securities and Exchange Commission) before their shareholder meeting. This document gives shareholders vital information for smart decisions on matters like director elections, executive pay, and auditor approval.


Last modified on 12 January 2024
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