However, the latest proxy filing reveals that Cook’s total compensation for 2023 exceeded the target, too. Apple reports that Cook earned a substantial $63,209,845 during the year, surpassing the initially planned $49 million by approximately 28%. Despite this increase, Cook’s 2023 earnings remained around 36% lower than his 2022 compensation.
Tim Cook‘s compensation for 2023 includes a salary of $3,000,000, stock awards amounting to $46,970,283, non-equity incentive plan compensation totaling $10,713,450, and additional compensation of $2,526,112.
Furthermore, Apple discloses that the annual total compensation for its median compensated employee in 2023 stood at $94,118. This calculation results in a pay ratio of 672 to 1 between Tim Cook and the median Apple worker.
The proxy statement also provides details on the compensation of other notable Apple executives:
- Luca Maestri, Chief Financial Officer: $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, Chief Operating Officer: $26,961,226
Additionally, Apple’s expenses for 2023 included $1,621,468 in personal air travel expenses for Tim Cook, more than double the amount spent in the previous year. The company also allocated $820,309 for Cook’s personal security, covering the incremental cost incurred by Apple to provide these services, including direct costs and a portion of fixed costs.Annually, public companies must submit a DEF 14A, known as an annual proxy statement, to the SEC (Securities and Exchange Commission) before their shareholder meeting. This document provides shareholders with vital information for informed decisions on matters like director elections, executive compensation, and auditor ratification.
