Being the CEO of one of the most valuable — and well-known — companies in the world is a rather tough job with every move being scrutinised closely. However, it must be an extremely well-paying job as well, right? So if you have ever wondered how much does Apple CEO Tim Cook makes every year, then the company’s recent filing with SEC has disclosed that amount.
According to a proxy statement filed by Apple, Cook received a total compensation of $63.2 million in 2023. Compared to 2022, this figure is a significant decrease from the $99.4 billion, Cook earned in 2022.
Cook’s base salary stands at $3 million — a figure that hasn’t changed since 2016. Tim Cook, CEO of Apple, the second most valuable US company, received a total compensation of $63.2 million in 2023.This is a significant decrease from $99.4 million in 2022. In 2021, Cook’s annual compensation was $98.7 million.
Cook's 2023 compensation included $46.9 million in stock awards, $10.7 million in performance-based bonuses, and $2.5 million in other benefits like security and private jet travel. Despite the decrease, Cook's pay is still significantly — and expectedly — higher than the average Apple employee. The median employee compensation for 2023 was $94,118, meaning Cook earns 672 times more than the average salary earned by Apple employees.
Notably, in 2023, Cook himself recommended a voluntary pay cut which dropped his compensation by 40%. As a result Apple’s People and Compensation Committee noted that “a recommendation from Mr. Cook to adjust his compensation in light of the feedback received, the People and Compensation Committee reduced his 2023 target equity award value while increasing the portion of performance-based RSUs granted to Mr. Cook from 50% to 75%.” This is one of the key reason behind Cook’s annual compensation seeing a big drop.
The annual compensation ensures that Cook remains a billionaire and has an estimated worth of close to $2.1 billion. The Apple CEO, however, misses out from the coveted Bloomberg Billionaires Index as that has a threshold of $6 billion.
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